Finance minister Nirmala Sitharaman (@FinMinIndia)
Finance minister Nirmala Sitharaman (@FinMinIndia)

Sitharaman hands over keys to homebuyers as SWAMIH Fund completes first project

Union finance minister Nirmala Sitharaman on Thursday virtually handed over keys to 640 homebuyers under the central government’s ambitious ‘SWAMIH’ initiative, which completed its first project, the Mumbai-based Rivali Park Wintergreen.
By | Edited by Karan Manral, New Delhi
UPDATED ON MAY 13, 2021 10:10 PM IST

Union finance minister Nirmala Sitharaman announced on Thursday that she virtually handed over keys to nearly 650 homebuyers as the central government’s ambitious “Special Window for Affordable and Mid-Income Housing” (SWAMIH) initiative completed its first residential project.

“Today, 640 homebuyers received the keys for their homes. From this SWAMIH Investment Fund, a total of 116,600 homebuyers will get possession of their homes. I thank @PMOIndia @narendramodi for his continuous support and guidance,” Sitharaman tweeted.

Rivali Park Wintergreen Projects, located in Mumbai, is the first investment by the fund and also the first project to get completed under it. Developed by CCI Projects Private Limited (CCIPPL), it is spread over a seven-acre area and consists of 708 units of various configurations.

“In 2019, several homebuyers, largely those belonging to middle-income groups, made a representation to @PMOIndia about their situation -- having to pay EMI while continuing to live in rented houses. Projects were stalled, they didn’t get possession of their homes,” Sitharaman noted in another tweet.

Explaining the rationale behind setting up of the SWAMIH Fund, the finance minister added, “The real estate sector was under stress. Financial institutions couldn’t give additional funds to complete the projects. The middle-class homebuyers were in a quandary.”

She further stated that for this purpose, discarded RERA projects from across the country were identified, adding that despite Covid-19, the Union finance ministry, department of financial services, Union ministry of housing and urban affairs and the State Bank of India (SBI) worked together. Sitharaman also lauded the state governments for “proactively” facilitating the process.

SWAMIH was launched by Sitharaman in November 2019. Thus far, it has given final approval to 72 projects that will complete 44,100 homes, while preliminary approval has been granted to 132 projects. These 132 projects will complete an additional 72,500 homes, thus taking the cumulative number of homes under the fund to 116,600.

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