FM holds review meeting on special window for stressed realty projects
Finance Minister Nirmala Sitharaman convened a meeting to review the performance of Special Window for Affordable and Mid Income Housing (SWAMIH) in which concerned officials and senior management of the State Bank of India, SBICAPS Ventures Limited, and SBI Capital Markets participated. The FM appreciated that there is an increase in the number of projects that meet the funding criteria laid out under the Special Window.
She said that the public as well as private banks, HFCs, and NBFCs should see the Special Window as an opportunity and increase their support for the stressed projects to be completed on time. Currently, SWAMIH Investment Fund has progressed to implementation under which 81 projects have been approved with an investment of Rs 8.767 crore. It will help complete over 60,000 homes across the country. Moreover, through the activation of the construction sites of these projects, various skilled and semi-skilled workforce will be provided with employment opportunities.
These projects are located in tier-I-II cities including NCR, Bengaluru, MMR, Pune, Chennai, Lucknow, Karnal, Panipat, Dehradun, Surat, Kota, Jaipur, Nagpur, Vizag, Nashik, among others. Already 18 projects out of these have been given a green signal for investment and that the disbursement of investment is at various stages in 7 residential projects. Moreover, applications from 353 stressed projects are under scrutiny for the provision of support under this fund. The fund is also evaluating the options to offer relief to over 15,000 homebuyers stuck in various long-stalled projects pending before the Supreme Court for resolution.
