SWAMIH Fund’s first project completed; FM gives possession

Union Minister for Finance & Corporate Affairs Nirmala Sitharaman on May 13 handed over possession to homebuyers virtually as the Government’s Special Window for Affordable & Mid-Income Housing (SWAMIH) completed its first residential project.

The project, Rivali Park, located in suburban Mumbai, was the first housing project to have received funding under the SWAMIH Fund launched by Sitharaman in November 2019.

Rivali Park is pread over 7 acres and consists of 708 units of various configurations. It is developed by CCI Projects Pvt. Ltd (CCIPPL), an associate company of Cable Corporation of India.

Along with Smt. Sitharaman, the online event was attended by Anurag Singh Thakur, Minister of State for Finance and Corporate Affairs; Durga Shankar Mishra, Secretary, Ministry of Housing and Urban Affairs; Ajay Seth, Secretary, Department of Economic Affairs, Ministry of Finance; K. Rajaraman, Additional Secretary, Department of Economic Affairs, Ministry of Finance; Dinesh Kumar Khara, Chairman, SBI, and other officials from SBICAP Ventures Limited.

Addressing the virtual event, the Finance Minister said she was pleased to see that SWAMIH Fund had completed its first residential project. She said it was an important achievement since the SWAMIH Fund has worked its way through the difficult period of COVID-19 pandemic.

MoHUA Secretary Mishra in his address said that the real estate industry is the second-largest employment generation sector in India and MoHUA has taken several steps in the last couple of years so that the real estate sector not only survives the cycles but thrives.

SBI Chairman Khara said the Fund was being managed tirelessly to achieve the huge expectations that have been laid out before SBI and partners. He said the SBI was fully committed and in line with the Government’s vision to revive the real estate sector and provide relief to homebuyers.

Rohan Khatau, Director, CCI Projects, said, “This is a remarkable milestone in our commitment towards delivery and handover of the Wintergreen phase to our customers, who have placed immense faith in us and our vision to create a holistic experience.”