BENGALURU: Irfan A Kazi, Chief Investment Officer, SWAMIH Fund, SBICAP Ventures, on Friday said they were working on funding 11 projects in the city to ensure that home buyers are not affected.He was speaking to the media at an interaction organised by Mantri Developers here. Mantri Serenity on Kanakapura Road is the first project to receive SWAMIH funding. The project was to be completed in August and now with the funding, will be completed in 12-18 months. Of the 2,700 houses, 352 have been delivered and 1,182 are unsold.
He said a fund of Rs 25,000 crore has been sanctioned and available from the Centre to help builders complete their projects on time. He accepted that in most projects where funding has been sought, the buyers have approached the RERA courts for relief and asserted that the funding is only for completion of the project and not for paying penalties and compensations to buyers.
SWAMIH (Special Window for Affordable and Mid Income Housing) is a Central fund to help construct over 60,000 houses across India.Kazi said the funding is given after a scrutiny of the project, the builder must have all clearances before seeking funding. He also pointed out that the environmental clearance that is obtained gets a year-long extension when the project is being funded by SWAMIH. The funding is given to projects which are construction ready,