Union Minister for Finance & Corporate Affairs Nirmala Sitharaman today handed over possession to homebuyers virtually as Government of India’s Special Window for Affordable & Mid-Income Housing (SWAMIH) completes its first residential project.
The residential project – Rivali Park, located in suburban Mumbai, was the first housing project in India to have received funding under the SWAMIH Fund. The SWAMIH Fund was launched by Sitharaman in November 2019.
Rivali Park Wintergreens is the first investment by the Fund and is also the first project to get completed. It is a large project spread over 7 acres consisting of 708 units of various configurations. The project is “Rivali Park Wintergreens” developed by CCI Projects Pvt Ltd (CCIPPL), an associate company of Cable Corporation of India Ltd.
Addressing the virtual event, Finance Minister Sitharaman said she is very pleased to see that SWAMIH Fund has completed its first residential project. More so, it is an important achievement since the SWAMIH Fund has worked its way through the difficult period of COVID-19 pandemic, She added.
The Finance Minister said that the Government of India had stepped in to provide funding to the stressed affordable and mid-income housing projects thereby giving relief to the home buyers who had invested their hard earned savings. Sitharaman said the Government believes that once these homes are constructed and completed, a large amount of capital locked up in these projects will be released.
The Finance Minister said it will provide employment to construction workers and will provide impetus to the allied industries such as steel and cement.