SWAMIH for 101 Stalled Housing Projects

Under the Special Window for Affordable & Mid-Income Housing Fund (SWAMIH), 101 stressed housing projects have been sanctioned Rs 10,300 crore for completion. Finance ministry underlined that SWAMIH is working at a fast pace to provide relief to homeowners and as on 28 August, 22 projects with an investment of Rs 3,472 crore received final approval and will lead to the completion of 20,380 home units. In July, FM Sitharaman held a review meeting to assess the progress of the SWAMIH scheme and had highlighted the need for speedy efforts to complete the construction of projects for which last-mile funding has been sanctioned. FM Sitharaman had suggested that both private and public sector banks, non-banking financial companies (NBFCs) and housing finance companies (HFCs) should see the special window as a stakeholder and increase support for early completion of stressed projects. During the review meeting, Sitharaman had also asked the Department of Economic Affairs to closely monitor the performance of SWAMIH to ensure that the capital raised is used for resolving stressed projects on an urgent basis.