Finance Minister Nirmala Sitharaman on Thursday handed over possession to homebuyers virtually as the government’s Special Window for Affordable & Mid-Income Housing (SWAMIH) completed its first residential project, the Finance Ministry said in a statement.
The residential project – Rivali Park, located in suburban Mumbai, was the first housing project in India to have received funding under the SWAMIH Fund. The SWAMIH Fund was launched by FM Sitharaman in November 2019, it added.
Rivali Park Wintergreens is the first investment by the Fund and is also the first project to get completed. It is a large project spread over 7 acres consisting of 708 units of various configurations. The Rivali Park Wintergreens project was developed by CCI Projects Pvt Ltd (CCIPPL), an associate company of Cable Corporation of India Ltd, the ministry statement further said.
Addressing the virtual event, FM Sitharaman said she was very pleased to see that SWAMIH Fund has completed its first residential project. More so, it is an important achievement since the SWAMIH Fund has worked its way through the difficult period of COVID-19 pandemic, she added.
The Finance Minister said that the government had stepped in to provide funding to the stressed affordable and mid-income housing projects thereby giving relief to the home buyers who had invested their hard-earned savings.
Sitharaman congratulated SBICap Ventures for converting a policy announcement into an on-the-ground funding institution that has achieved significant progress within a short time span.
Dinesh Kumar Khara (Chairman-SBI) said that the Fund is being managed tirelessly to achieve the huge expectations that have been laid out before SBI and partners. He reassured that the SBI Group is fully committed and in line with the Government’s vision to revive the real estate sector and provide relief to homebuyers. Shri Khara said that in the last 15 months, SBI made significant progress to increase the scale of operations to a level that is generally achieved in 3 to 4 years by other private equity funds.
