Aided by the Special Window for Affordable and Mid Income Housing (SWAMIH), the government is hoping that around 60,000 residential units will be completed across the country, including in cities such as Bengaluru, Chennai, Pune, Chandigarh, Jaipur and Vizag.
“Among these projects, investments in 18 projects have been given final clearance and disbursement is at various stages across seven residential projects,” said an official statement issued after a review by FM Nirmala Sitharaman. A revival of the stalled real estate sector is also expected to provide employment to daily-wage earners, besides spurring the demand for inputs such as cement, steel and paints.
The fund is actively evaluating options to provide relief to around 15,000 homebuyers in certain long-stalled projects, which are pending before the SC for resolution, the statement said. These could include projects of Unitech group and Amrapali.
The government had launched SWAMIH a few months ago in a bid to provide relief to the sector as well as middle-class homebuyers caught in “viable” projects. “The recent initiative by the fund to reduce the cost of capital to 12% has resulted in an increase in the number of projects that meet the funding criteria laid out under the Special Window,” the statement said.