SWAMIH investment fund reignites hope for NPAs and Stalled projects

For the homebuyers stuck in stalled projects, there is a good news as the government has created SWAMIH investment fund (a special window for completion of affordable and mid-income housing) to meet the funding requirements of the stalled projects.

Under this special window even those projects are also being considered for funding which have either already been declared NPAs (Non-Performing Assets) or their proceedings are pending before national company law tribunal. In a way, SWAMIH investment fund is targeted to provide last mile funding to the stressed housing projects falling under affordable and middle income category across the country.

Apart from this, the government has already taken various initiatives to protect the interests of home buyers which also include invocation of force majeure clause under RERA Act to extend completion deadline of the under-construction projects due to the disturbances created by COVID-19 pandemic.