SWAMIH Fund-2: A New Hope for Stalled Housing Projects

The Indian government has launched the SWAMIH Fund-2 with a Rs 15,000 crore corpus to complete stalled housing projects, benefiting aggrieved homebuyers. FPCE commends this initiative, urging a ban on defaulting builders from launching new projects and highlighting the need for comprehensive identification of stalled ventures.

The Indian government has announced the establishment of the SWAMIH Fund-2, with a substantial corpus of Rs 15,000 crore, designed to address the completion of stalled housing projects across the nation. This initiative is set to benefit thousands of aggrieved homeowners waiting for their dream homes.

Launched in response to the success of the earlier SWAMIH Fund-1, this new effort will target the completion of an additional 1 lakh housing units, adding to the previously completed 50,000 and the 40,000 still under construction. The need for such funds underscores the challenges within the real estate sector.

The FPCE has praised the government's decision, emphasizing the necessity to bar defaulting builders from initiating new projects. President Abhay Upadhyay insists on identifying all stalled projects comprehensively and urges introspection within the real estate industry on its practices and intent.

(With inputs from agencies.)