Stress Fund picks up pace, raises hope for affordable housing

The Centre’s Rs 25000 crore Alternative Investment Fund (AIF) has gained momentum to provide necessary impetus to affordable housing.

This stress fund known as ‘Special Window for Affordable & Mid-Segment Housing (SWAMIH) was approved by the Centre in November last. The fund was launched to complete 1500 stalled housing projects involving 4.58 lakh units. SBI Cap was made the implementing agency for the deployment of this fund. According to industry sources, SBI Cap has cleared 70 projects worth Rs 8000 crore. This will help over 40000 housing units to be completed.

Says Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global Group and Chairman, Assocham National Council on Real Estate, Housing & Urban Development, ” This is an encouraging development. Especially as tepid sales has severely impacted the cash flows of real estate companies. This in turn has hit the process of completion of stalled projects. So, the pace of fund approval and deployment needs to be further expedited to give desired momentum to projects completion.This will help give necessary push to affordable and mid-segment housing.

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