On the completion of the first residential project of the government’s Special Window for Affordable and Mid-Income Housing or SWAMIH fund, 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 country to have received funding under the government’s SWAMIH Fund, managed by the SBICap ventures.
FM Smt. @nsitharaman today performed the ceremonial handing over of keys to 650 homebuyers of #RivaliPark, Mumbai. This is the first stalled project completed with funding by GOI’s Special Window for Affordable & Mid-Income Housing Fund managed by SBICap Ventures.#SWAMIH
— Ministry of Finance (@FinMinIndia) May 13, 2021
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 is developed by CCI Projects Private Limited, an associate company of the Cable Corporation of India Limited.
Finance Minister Nirmala Sitharaman said that the government stepped in to provide funding to the stressed affordable and mid-income housing projects, that brought relief to the home buyers who had invested their savings.
The government believes that once these homes are constructed and completed, a huge amount 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 is bridging the trust deficit between homebuyers and developers by completing construction to deliver homes, without relying on any other source of finance.