The Special Window for Affordable and Mid-segment housing (SWAMIH) of the Centre will help affordable housing withstand Covid onslaught.
Thanks to the Centre’s incentivised policy affordable housing has held its fort amidst massive slowdown. Last year, out of total housing sales, about three fourth were in the affordable and mid-segment category. This year too, despite the Corona crisis, affordable housing is performing fairly well with more than one third new launches in this category. Further, with deployment of SWAMIH gaining momentum, affordable housing will get extra support. This Rs 25000 cr stress fund has already raised over Rs 10000 cr and approved about Rs 8800 cr funding to 81 stuck housing projects. This last-mile funding will help revive hundreds of stalled projects, benefiting about 60000 home buyers across India. About 15000 home buyers in long delayed projects will get relief.
Says Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global Group and Chairman, Assocham National Council on Real Estate, Housing & Urban Development, ” The government is serious about providing last mile funding to stalled housing projects. The latest policy decision to reduce the cost of capital from 15 to 12%, will help get required funding . This will also ramp up the number of projects eligible for last mile funding, in turn rescuing home buyers of stalled projects.