Rs 8,767 crore approved so far under SWAMIH for 81 'stressed' projects
The company, which is launching India's second Real Estate Investment Trust (REIT), had earlier announced raising Rs 1,125 crore from strategic investors.
NEW DELHI: The finance minister Nirmala Sitharaman on Thursday was informed that SWAMIH Investment Fund I has so far approved Rs 8,767 crore for 81 stressed residential projects.
Sitharaman was reviewing the performance of Special Window for Affordable and Mid Income Housing (SWAMIH) with secretaries of ministries of finance and senior management team of the State Bank of India, SBI Capital Markets and SBICAPS Ventures (SVL).
The approved fund will enable the completion of almost 60,000 homes across India. These projects are spread across a mix of markets including large cities such as National Capital Region (NCR), Mumbai Metropolitan Region (MMR), Bengaluru, Chennai, Pune and also tier-II locations including Karnal, Panipat, Lucknow, Surat, Dehradun, Kota, Nagpur, Jaipur, Nashik, Vizag, Chandigarh, among others.
Amongst these projects, investments in 18 projects have been given final clearance and disbursement is at various stages across 7 residential projects.
Applications from 353 stressed projects are under examination for provision of assistance.
Additionally, the fund is actively evaluating options to provide relief to about 15,000 home buyers in certain long-stalled projects which are pending before the Supreme Court for resolution.
