The special window project fund was launched by the Finance Minister in November 2019.On the completion of the first residential project of the government's Special Window for Affordable and Mid-Income Housing or SWAMIHfund, Finance Minister Nirmala Sitharaman on Thursday, May 13, handed over possession to home buyers through a virtual event.
According to a statement released by the Ministry of Finance, the residential project - 'Rivali Park', situated in suburban Mumbai, was the first housing project in the countryto have received funding under the government's SWAMIH Fund, managed by the SBICap ventures.The Special Window for Affordable and Mid-Income Housing fund was launched by Finance Minister Nirmala Sitharaman in November 2019.According to the Finance Ministry, the Rivali Park Wintergreens is the first investment by the special window project fund and is also the first project to be completed.
The project is spread over seven acres comprising 708 units.
It isdeveloped by CCI Projects Private Limited, an associate company of the Cable Corporation of India Limited.Finance Minister Nirmala Sitharaman said that the governmentstepped in toprovide funding to the stressed affordable and mid-income housing projects, that broughtrelief to the home buyers who had invested their savings.The government believes that once these homes are constructed and completed, a hugeamount of the capital locked up in these projects will be released.The Special Window for Affordable and Mid-Income Housing investment fund is one of the largest private equity teams in the country, according to the Finance Ministry.
So far, the fund has given final approval to 72 projects which will complete 44,100 homes.
132 projects received preliminary approval, which will complete an additional 72,500 homes.The fund targets to complete an aggregate of 1,16,600 homes and isbridging the trust deficit between homebuyers and developers by completing construction to deliverhomes, without relyingon any other source of finance.