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Govt, central bank in huddle over stuck real estate projects
Mint Mumbai
|June 26, 2023
The Centre is taking proactive measures to address concerns over stalled real estate projects, which pose risks to homebuyers as well as lenders.
According to two people in the know, the government is holding regular meetings with bankers and Reserve Bank of India (RBI) officials on the matter.
Although the Centre’s Special Window for Affordable and Mid-Income Housing (SWAMIH) investment fund successfully revived several projects, government officials said further actions are necessary. Launched in 2019, SWAMIH seeks to facilitate the completion of distressed residential projects.
The SWAMIH Investment Fund I, managed by State Bank of India’s SBICAP Ventures, helped in the completion of 20,557 units over the last four years and seeks to handover another 81,000 homes in 130 projects across 40 tier 1 and 2 cities, once the approvals are in place, one of the officials said on condition of anonymity. The fund has concluded the entire cycle of evaluation, investment, construction, and successful redemption of 11 projects, the official added.
Denne historien er fra June 26, 2023-utgaven av Mint Mumbai.
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