SWAMIH Rs 10,300 Infusion in Stressed Projects
Ravindra Sudhalkar, CEO at Reliance Home Finance
Since the economic slowdown, the government has been making several efforts to revive construction activities in the affordable housing segment in a bid to meet the goal of providing 1.12 crore houses in urban areas under the PMAY’s ‘Housing for All’ scheme.
The recent Rs 10,300 infusion announced under the SWAMIH scheme is a part of the alternative investment fund (AIF) worth Rs 25,000 crore set up last year to provide relief to developers with unfinished projects. Providing last-mile funding to stalled projects in affordable and mid-income categories in non-metro areas will have multi-pronged positive impacts. Restarting the construction activities will catalyse the local economies of the non-metro cities .
Further, financing to smaller builders to complete their affordable housing projects, will help them to recover some of their losses and somewhat improve their books by the end of the financial year. Expedited delivery of homes will also provide a big relief to home investors in the lower-income categories whose investments are stuck in these projects.