In the completion of the first residential project of the government's Special Window for Affordable and Mid-Income Housing (SWAMIH) fund, Finance Minister Nirmala Sitharaman on Thursday, May 13, handed over possession to homebuyers through a virtual event.
According to a statement released by the Ministry of Finance, the residential project - Rivali Park, located in suburban Mumbai, was the first housing project in India to have received funding under the SWAMIH Fund.
Addressing the virtual event, the Finance Minister said: "I am very pleased to see that SWAMIH Fund has completed its first residential project. More so, it is an important achievement since the SWAMIH Fund has worked its way through the difficult period of COVID-19 pandemic." "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," Sitharaman further said.
The Finance Minister also said it will provide employment to construction workers and will provide impetus to the allied industries such as steel and cement and added that it will improve portfolios of banks and NBFCs and significantly improve the economic sentiment in the nation.
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. It is targeting to complete an aggregate of 1,16,600 homes.
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