The government has disbursed Rs 8,767 crore under the special window for completion of 81 stalled residential projects. As many as 60,000 homes across India would be completed with the disbursed amount, the finance ministry announced Thursday.
Finance Minister Nirmala Sitharaman reviewed the performance of the special window announced in September last year. Under the special window - Special Window for Affordable and Mid Income Housing (SWAMIH) - a Rs 25,000 crore fund was constituted under SBICAP Ventures to fund completion of those housing projects which were stuck due to paucity of funds.
The 81 projects which have received funding through the special window are spread across a mix of markets including large cities such as NCR, MMR, Bengaluru, Chennai, Pune and also Tier 2 locations such as Karnal, Panipat, Lucknow, Surat, Dehradun, Kota, Nagpur, Jaipur, Nashik, Vizag, Chandigarh etc.
Investments in 18 projects have been given final clearance and disbursement is at various stages across 7 residential projects. Applications from 353 stressed projects are under examination for provision of assistance.
The fund is also actively evaluating options to provide relief to 15,000 homebuyers in certain long-stalled projects which are pending before the Supreme Court for resolution.
The fund has been constituted to complete construction of stalled, RERA-registered affordable and mid-income category housing projects.
The fund has a target corpus of Rs 12,500 crore with a greenshoe option of Rs 12,500 crore. The government has contributed Rs 10,000 crore towards the fund.
The Investment Manager of the Fund is SBICAP Ventures, a wholly-owned subsidiary of SBI Capital Markets, which in turn is a wholly-owned subsidiary of the State Bank of India.