SWAMIH fund (1) is sanctioning 101 projects, including the final approval of 22 projects. There is an investment of 10,300 crores INR that would aim to provide relief to 71,559 homeowners. So far, seven sites have initiated the construction plan and the material and workforce, tweeted by the finance ministry.
As on August 20, 2020, The SWAMIH fund is working rapidly to give relief to homeowners. It further said that the officials accorded 22 projects with an investment of 3,472 crores INR. It would lead to the completion of 20,380 home units.
The Progress of SWAMIH Scheme
In the previous month, the Finance Minister of India, Nirmala Sitharaman, held a review meeting to determine the progress of the SWAMIH scheme. During the review of SWAMIH performance, the minister said that there is a need for fast-paced efforts to finish the construction projects for which officials sanction the last funding.
On a further note, the Union Cabinet approved setting up an alternate investment fund (AIF) worth 25,000 crores INR last year. It would provide relief to developers with unfinished projects and would ensure delivery of homes to the buyers. It would facilitate the completion of 71,559 dwelling units across several regions of the country. As per the estimate of India’s government, there are approximately 4.58 lakhs stalled housing units in the country.
The government has allocated 10,000 crores towards the fund. The Life Insurance Corporation of India (LIC) and State Bank of India (SBI) would also infuse money in the scheme. The sponsor for the SWAMIH scheme is the government of India. However, SBICAP Ventures Ltd. (SVL) is its investment manager. The AIF (category II) intends to provide senior capital for the last mile funding to finish the construction of housing projects.