The first residential project under Special Window for Affordable & Mid-Income Housing fund has been completed.
There is good news for some of the homebuyers in the country who in spite of paying the EMI did not get possession of their home on time. In November 2019, the government had launched a Special Window for Affordable & Mid-Income Housing (SWAMIH) fund to help complete the unfinished projects. Now, the government of India’s Special Window has completed its first residential project and Finance Minister Nirmala Sitharaman has handed possession to over 600 homebuyers through the virtual meet.
The residential project – Rivali Park, located in suburban Mumbai, was the first housing project in India to have received funding under the SWAMIH Fund. Rivali Park Wintergreens is the first investment by the Fund and is also the first project to get completed. It is a large project spread over 7 acres consisting of 708 units of various configurations. The project is “Rivali Park Wintergreens” developed by CCI Projects Pvt Ltd (CCIPPL), an associate company of Cable Corporation of India Ltd
Through SWAMIH , the Government of India had stepped in to provide funding to the stressed affordable and mid-income housing projects thereby giving relief to the home buyers who had invested their hard earned savings.
The Fund so far has given its final approval to 72 projects that will complete 44,100 homes, while 132 projects have received preliminary approval, which will complete an additional 72,500 homes.
For those homebuyers whose residential projects have got stuck due to lack of funds with the developer, this development related to the funding of stalled projects has come out as a welcome relief. Importantly, only those projects which are registered under RERA will be eligible for funding. Also, only those projects which are very close to completion will get qualified for the funding. The short-listing of the projects will be done by SBICAP Ventures.