Homebuyers’ body welcomes SWAMIH Fund 2, calls for completion of stalled projects to ‘clean the slate once and for all’
Homebuyers’ body FPCE has expressed support for the launch of SWAMIH Fund 2, urging that stalled projects be completed to “clean the slate once and for all.” While the fund is a ‘positive step,’ the forum stressed the need to identify and adequately fund all outstanding projects. It said builders who have put homebuyers’ hard-earned money at risk should be barred from launching new projects.
Forum For People’s Collective Efforts has said that the announcement of a fresh ₹15,000 crore SWAMIH Fund 2 for the completion of 1 lakh units in stalled housing projects is a much-needed step and will provide relief to thousands of homebuyers who have not received possession of their homes for years.
“It’s time to complete all such stressed projects in a planned manner to clean the slate once and for all,” FPCE president Abhay Upadhyay said.
“SWAMIH Fund 2 is certainly a much-needed step. As stated by the FM, this will help complete an additional 1 lakh dwelling units, which is over and above the 50,000 units that have already been completed. Further, 40000 units will be completed in 2025 under the SWAMIH 1 scheme. This will give much relief to the suffering homebuyers; therefore, it is a welcome step by the Government,” he said.
He said, “Since government funds are blocked in such schemes, which, of course, are taxpayers’ money, it is also important to identify and segregate such builders who put the hard-earned money of homebuyers at risk just for their personal greed and debar them from launching any new projects.”
The Centre announced a stress fund named ‘Special Window for Affordable and Mid-Income Housing’ (SWAMIH) in 2019 to complete stalled housing projects across India. The first fund, with a corpus of ₹15,530 crore, is managed by SBICAP Ventures Ltd, a State Bank Group company.
In the Budget speech, Union Finance Minister Nirmala Sitharaman announced on February 1 that setting up of SWAMIH Fund-2 with a corpus of ₹15,000 crore would help complete 1 lakh units.
