Stuck Housing Projects Get Rs 23K-Crore SWAMIH Push
The fund, set up under the Special Window for Affordable and Mid Income Housing (SWAMIH), has accorded final approval to investments of Rs 9,743 crore in 99 projects, while preliminary nod was granted to 144 projects involving investments of Rs 13,229 crore. The scheme offers incentives in the range between 4% and 7% for different categories and tenures. For the MSMEs, a 1% higher incentive is proposed in year 1, year 2 and year 3.Firms seek extension in telecom PLI scheme; Cabinet to take callhe number one market which generated the maximum revenue was the United States accounting for about 29 percent, followed by Japan (20%) and China(18%) on the 2nd and 3rd spots respectively. PUBG Mobile most downloaded mobile game globally in Nov 2021; check details The SWAMIH fund has already completed more than 1,500 housing units in the past six months, the ministry said. “It is currently on track to complete at least 10,000 homes every year in the next 3 to 4 years,” the ministry said. SWAMIH fund was announced on November 6, 2019 and raised Rs 10,530 crore from 14 investors, including LIC, HDFC and SBI, when it declared its first close in December. The plan was to have a Rs 25,000-crore fund, with contribution of both the government and other investors. A government-sponsored alternate investment fund (AIF), set up to extend last-mile funding to complete stuck housing projects, has sanctioned as much as Rs 22,972 crore for 243 projects, the finance ministry said on Friday. This will enable the completion of 1,41,045 houses across the country. The government had pledged a total of Rs 10,000 crore for this purpose, as it wanted to kick-start the investment cycle in residential projects and deliver houses to people who have been humbled by the double whammy of undelivered homes and regular repayment of home loans. It was also supposed to boost private consumption once houses are delivered. The finance ministry had earlier said the projects being supported through the SWAMIH Fund were spread across a broad mix of markets, including metros and also Tier- 2 locations like Karnal, Panipat, Lucknow, Surat, Dehradun, Kota, Nagpur, Jaipur, Nashik, Vizag and Chandigarh. According to an industry estimate in late 2019, as many as 4.58 lakh housing units were facing delayed delivery across 1,509 stalled projects.
Tags : News/Views Finance Ministry FUND Mid-Income Housing AIF SWAMIH Fund Stalled Projects Alternate Investment Fund Stuck Housing Projects