SWAMIH completes its first residential project.
Part of: GS Prelims and GS – II – Policies and governance
- Union Minister for Finance & Corporate Affairs handed over possession to homebuyers as Special Window for Affordable & Mid-Income Housing (SWAMIH) Fund 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 in 2019.
- Rivali Park Wintergreens is the first investment by the Fund and is also the first project to get completed.
- The SWAMIH Investment Fund is one of the largest private equity teams in India and has done commendable work despite COVID-19 related restrictions.
- The Fund is targeting to complete an aggregate of 1,16,600 homes.
- This Fund is bridging the trust deficit between homebuyers and developers by completing construction and delivering homes without depending on any other source of finance.