Good News For Stuck Housing Projects

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Per 2019 industry estimates, as many as 4.58 lakh housing units were facing delayed delivery across 1,509 stalled projects.

Out of them, around 141-thousand families can cheer up this year end knowing that their stuck home ownership dreams have finally come umm, unstuck. 

Sweet News

Per a recent announcement by the finance ministry, a government-sponsored alternate investment fund (AIF), set up to extend last-mile funding to complete stuck housing projects, has approved around INR 23,000 crore to bail out 243 projects. 

This will enable the completion of 1,41,045 stuck-in-limbo homes across the country. 

Thank SWAMIH

This 'winch' fund, set up under the Special Window for Affordable and Mid Income Housing (SWAMIH), has okayed investments of INR 9,743 crore in 99 projects, while a preliminary nod has been given to 144 projects involving investments of a further INR 13,229 crore. 

The fund was announced on November 6, 2019 and raised INR 10,530 crore from 14 investors, including LIC, HDFC and SBI, when it first closed in December. 

The vision was to create a INR 25,000-crore fund, with contribution of both the government and other investors and it seems that the plot is bearing fruit.

Proof Of Concept?

👍 The SWAMIH fund has already completed more than 1,500 housing units in the past six months, and is currently on track to complete at least 10,000 homes every year in the next 3 to 4 years.