Deals approved! 1.72 lakh homebuyers stuck in stalled housing projects to benefit, says Modi Govt | The Financial Express***

Clipped from: https://www.financialexpress.com/money/swamih-deals-approved-1-72-lakh-homebuyers-stuck-in-stalled-housing-projects-to-benefit-says-modi-govt/2908334/

Special Window for Completion of Affordable and Mid-Income Housing (SWAMIH investment fund) has been created for funding of stalled projects

Deals approved! 1.72 lakh homebuyers stuck in stalled housing projects to benefit, says Modi GovtGovernment has approved 286 deals under SWAMIH, to benefits over 1.7 lakh homebuyers. Representational image

Over 1.72 lakh homebuyers stuck in stalled housing projects will benefit from the 286 deals approved under the SWAMIH scheme as of November 30, 2022, according to the Government of India. These deals are worth Rs 28,393 crore.

In a written reply to a query in Lok Sabha on December 8, Kaushal Kishore, Minster of State in the Ministry of Housing and Urban Affairs (MOHUA), said that in order to give relief to homebuyers of stalled projects, a Special Window for Completion of Affordable and Mid-Income Housing (SWAMIH investment fund) has been created for funding of stalled projects that are net-worth positive and registered under RERA. This includes those projects that have been declared as Non-Performing Assets (NPAs) or are pending proceedings before the National Company Law Tribunal under the Insolvency and Bankruptcy Code.

“As on 30th November, 2022, under SWAMIH, 286 deals aggregating to ₹28,393 Crores have been approved and this will benefit around 1,72,467 homebuyers and unlock projects worth ₹76,535 Crore,” Kishore said.

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Kishore was replying to a query on the steps taken by the Government to provide relief to people who have booked their flats but are stuck in stalled projects.

Kishore also said that the Central Government doesn’t maintain the data of real estate projects as land and Colonization are state subjects. However, the Government has enacted RERA Act to protect the interest of homebuyers.

‘Land’ and ‘Colonization’ are State subjects. The data of real estate projects is not maintained centrally by Ministry of Housing and Urban Affairs.In order to protect the interest of homebuyers and to ensure the transparency and accountability in the Real Estate Sector, Ministry of Housing and Urban Affairs has enacted The Real Estate (Regulation and Development) Act, 2016 (RERA),” the minister said.

Also Read: Rent vs Buy: Rs 60 lakh profit on buying Rs 50 lakh house than renting for Rs 20,000/month

Irregularities in PMAY

Replying to another query on alleged irregularities in Pradhan Mantri Awas Yojana (PMAY), the minister said that any complaint regarding the implementation of PMAY-U including those of ineligible applicants is addressed through suitable grievance redressal system available at both State/UT and City level as per existing rules and regulations.

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