Union Finance & Corporate Minister recently handed over possession to homebuyers virtually as Government of India’s Special Window for Affordable & Mid-Income Housing (SWAMIH) completes its first residential project.
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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 2019. Rivali Park Wintergreens is the first investment by the Fund and is also the first project to get completed.
In a short time-span of 1.5 years since inception, the SWAMIH Investment Fund today is one of the largest private equity teams in India and has done commendable work despite COVID-19 related restrictions.
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. Thus, the Fund is targeting to complete an aggregate of 1,16,600 homes.
This Fund is bridging the trust deficit between homebuyers and developers by completing construction and delivering homes without depending on any other source of finance.