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SWAMIH Fund: Only Viable Projects to Receive Aid
23 Mar
Summary
- Only viable but stuck housing projects can receive SWAMIH funding.
- Six conditions, including RERA registration, must be met for funding.
- The fund prioritizes buyers and completion, not developer bailouts.
Finance Minister Nirmala Sitharaman has clarified the criteria for accessing the SWAMIH fund. In a statement to the Lok Sabha, she specified that only housing projects deemed "viable but stuck" are eligible for this financial assistance. This ensures that support is directed towards projects with a realistic chance of completion.
Several conditions must be fulfilled for a project to qualify. These include mandatory RERA registration, a specific focus on mid-income housing segments, and the developer maintaining a positive net worth. Crucially, the fund will provide last-mile funding, addressing the immediate financial needs to restart construction.
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