First residential project under Special Window for Affordable & Mid-Income Housing (SWAMIH), Rivali Park, located in suburban Mumbai, has been completed. Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman yesterday handed over possession to homebuyers virtually. Incidentally, Rivali Park was the first housing project in India to have received funding under the SWAMIH Fund.
It is a large project spread over 7 acres consisting of 708 units of various configurations. The project is “Rivali Park Wintergreens” developed by CCI Projects Pvt Ltd (CCIPPL), an associate company of Cable Corporation of India Ltd.
On the occasion the Finance Minister said that the Government of India had stepped in to provide funding to the stressed affordable and mid-income housing projects thereby giving relief to the home buyers who had invested their hard-earned savings. Smt. Sitharaman said the Government believes that once these homes are constructed and completed, a large amount of capital locked up in these projects will be released. Smt. Sitharaman complimented and congratulated the SBICap Ventures team for converting a policy announcement into an on-the-ground funding institution that has achieved significant progress within a short time span.
Shri Dinesh Kumar Khara (Chairman-SBI) said in his speech said that the Fund is being managed tirelessly to achieve the huge expectations that have been laid out before SBI and partners. He reassured that the SBI Group is fully committed and in line with the Government’s vision to revive the real estate sector and provide relief to homebuyers. Shri Khara said that in the last 15 months, SBI made significant progress to increase the scale of operations to a level that is generally achieved in 3 to 4 years by other private equity funds.
In a short time-span of 1.5 years since inception, the SWAMIH Investment Fund I today is one of the largest private equity teams in India and has done commendable work despite COVID-19 related restrictions. The Fund so far has given its final approval to 72 projects that will complete 44,100 homes, while 132 projects have received preliminary approval, which will complete an additional 72,500 homes. Thus, 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.