Saturday, January 28, 2023

Swamih Scheme: 1.72 lakh homebuyers stuck in stalled housing projects to benefit

Swamih Scheme: Work on housing projects is being done at a fast pace across the country. Common people have invested their hard-earned money in these projects. Many times these projects are not completed due to some reason or remain stuck. For this, a special Window Affordable and Mid-Income Housing (SWAMIH) Investment Fund has been created in the country. It is used to overcome the problems faced in housing projects.

Let us tell you that 1.72 lakh home buyers are stuck in distressed housing projects in the country. The central government has approved a total of 286 deals worth Rs 28,393 crore under the SWAMY scheme by 30 November 2022. This will benefit around 1,72,467 home buyers. These deals are worth Rs 28,393 crore.

What is SWAMIH Investment Fund

It is a type of Income Housing Investment Fund. The fund was set up under the Special Window for Affordable and Moderate Income Housing (SWAMIH). The fund provides capital to stalled projects across the country to enable home buyers to take delivery of their stalled apartments.

Answer given in Lok Sabha

In a written reply to a question in the Lok Sabha, Minister of State for Housing and Urban Affairs Kaushal Kishore said that the Owner Investment Fund has been created to provide relief to home buyers and complete the stalled projects in the country. This includes all the projects coming under RERA. They have been approved.

286 deals approved

Minister of State Kaushal Kishore said that it also includes residential projects declared as non-performing assets (NPS). Proceedings under the Insolvency and Bankruptcy Code are pending before the National Company Law Tribunal. Minister Kishor said that till November 30, 2022, a total of 286 deals worth Rs 28,393 crore have been approved under SWAMY and this will benefit around 1,72,467 homebuyers and unlock projects worth Rs 76,535 crore.

RERA made to protect home buyers

According to media reports, Minister Kishor said that the central government does not maintain data on real estate projects, as land and colonies are a state subject. The government has enacted the RERA Act to protect the interests of home buyers.

Responding to another question on alleged irregularities in the Pradhan Mantri Awas Yojana (PMAY), Minister Kishor said that any grievance regarding the implementation of PMAY-U, including ineligible applicants, should be addressed through appropriate channels available at the State/UT and City level. can be addressed from, Grievances are resolved through the redressal system.

Read More: PM Unemployment Allowance: Registration for PM Berojgari Bhatta Yojana starts!

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