There is excellent news for some of the homebuyers in the nation who in spite of paying the EMI did not get possession of their home on time. In November 2019, the government had launched a Special Window for Affordable & Mid-Income Housing (SWAMIH) fund to enable total the unfinished projects. Now, the government of India’s Special Window has completed its initial residential project and Finance Minister Nirmala Sitharaman has handed possession to more than 600 homebuyers by means of the virtual meet.
The residential project – Rivali Park, positioned in suburban Mumbai, was the initial housing project in India to have received funding below the SWAMIH Fund. Rivali Park Wintergreens is the initial investment by the Fund and is also the initial project to get completed. It is a massive project spread more than 7 acres consisting of 708 units of numerous configurations. The project is “Rivali Park Wintergreens” created by CCI Projects Pvt Ltd (CCIPPL), an associate corporation of Cable Corporation of India Ltd
Through SWAMIH , the Government of India had stepped in to provide funding to the stressed reasonably priced and mid-earnings housing projects thereby providing relief to the home purchasers who had invested their difficult earned savings.
The Fund so far has offered its final approval to 72 projects that will total 44,one hundred properties, when 132 projects have received preliminary approval, which will total an extra 72,500 properties.
For these homebuyers whose residential projects have got stuck due to lack of funds with the developer, this improvement connected to the funding of stalled projects has come out as a welcome relief. Importantly, only these projects which are registered below RERA will be eligible for funding. Also, only these projects which are pretty close to completion will get certified for the funding. The brief-listing of the projects will be performed by SBICAP Ventures.