Finance Minister Nirmala Sitharaman handed over possession of homes to the homebuyers in the Mumbai-based Rivali Park project. This was done virtually by the minister. Rivali Park is the first project that was funded under the Government of India’s Special Window for Affordable & Mid-Income Housing (SWAMIH) scheme.
She said that she is 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.
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 project is Rivali Park Wintergreens developed by CCI Projects Pvt Ltd (CCIPPL), an associate company of Cable Corporation of India Ltd.
She posted on Twitter commenting about the fund, “SWAMIH Fund has given final approval to 72 projects to complete 44,100 homes. Another 132 projects received preliminary approval, to complete additional 72,500 homes. The Fund shall complete an aggregate of 1,16,600 homes.”
The SWAMIH Fund was launched by the union minister in November 2019.
She added the Government of India 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.
The Finance Minister said the fund will provide employment to construction workers and will provide impetus to the allied industries such as steel and cement. Further, it will improve portfolios of Banks and NBFCs and significantly improve the economic sentiment in the nation.
In addition, she complimented the SBICap Ventures team 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 of SBI said that the fund is being managed tirelessly to achieve the huge expectations that have been laid out before SBI and partners. He added 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.