Union Minister for Finance & Corporate Affairs Nirmala Sitharaman handed over possession to homebuyers virtually as the government of India’s Special Window for Affordable & Mid-Income Housing (SWAMIH) completed its first residential project.
The residential project, Rivali Park, located in suburban Mumbai, was the first housing project in India to have received funding under the SWAMIH Fund. The SWAMIH Fund was launched in November 2019.
Rivali Park Wintergreens is the first investment by the fund and is also the first project to get completed. The project is spread over seven acre consisting of 708 units of various configurations.
The project is developed by CCI Projects (CCIPPL), an associate company of the Cable Corporation of India. Moreover, once these homes are constructed and completed, a large amount of capital locked up in these projects will be released.
These projects will provide employment to construction workers and provide impetus to the allied industries such as steel and cement. Further, it will improve portfolios of banks and NBFCs and significantly improve economic sentiment in the nation.
The SWAMIH Investment 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.
The Fund is targeting to complete an aggregate of 1,16,600 homes. The Fund is bridging the trust deficit between homebuyers and developers by completing construction and delivering homes without depending on any other source of finance.