SWAMIH approves 81 projects with Rs 8,767 cr investment; 353 more projects under review

New Delhi: Special Window for Affordable and Mid Income Housing (SWAMIH) has so far approved financial assistance of Rs 8,767 crore for 81 stressed real estate projects, while another 353 stalled projects are currently under examination for funding.

The 81 projects that have been approved for funding will entail about 60,000 homes are are located in cities like Mumbai, Delhi NCR, Pune, Bengaluru, Chennai, Surat, Karnal, Dehradun, Panipat, Vizag, Kota among others. 

Out of these 81 projects, funding in 18 have secured final clearance and the disbursement of financial assistance is at various stages in seven of them, the Ministry of Finance said in a statement. Some of these 18 projects include those by Ansal Housing, Sikka Group, Lodha Developers, TDI, Mantri Developers and Essel Group.

The special window has received applications from another 353 projects and they are being looked into for provision of funding assistance.

The special window is “actively” looking at options to provide some relief to about 15,000 home buyers in projects that have been stalled for a very long time and are facing litigations in the Supreme Court for suitable resolution.

The decision of the SWAMIH fund to cut the cost of capital to 12 perctn from 15 percent earlier has resulted in a jump in the number of projects that conform to the funding criteria mentioned under the Special Window. 

The government had approved Rs 25,000 crore special window fund, once called stress fund, to provide financial assistance to stuck housing projects. SWAMIH is being monitored and run by SBICAPS Ventures Ltd.