KOCHI: The central government-sponsored SWAMIH (Special Window for Affordable & Mid-Income Housing) achieved a milestone with the completion of construction of a residential project in Thrissur, the union finance ministry said on Monday.
The project titled 'Asset Precious' has received the occupancy certificate providing relief to 70 homebuyers. 'Asset Precious', Thrissur, was launched in 2017 and received SWAMIH funding in 2021.
"The project was facing a cash flow mismatch and needed last-mile funding support. It was completed within 12 months after receiving SWAMIH funding, the finance ministry said in a tweet.
GOI sponsored SWAMIH fund has fully exited its investment, in less than one year, from 'Asset Precious', Thrissur, which was developed by Asset Homes, it said.
This is the fund’s first project handover in Kerala. With this, SWAMIH has now completely exited two investments -- in Mumbai and Thrissur respectively. Partial exits have also commenced in 12 other projects that now have sufficient funding, the ministry said. SWAMIH funding also serves as a catalyst for collections and sales in the real estate sector, it said.
The ministry said the fund has already completed 2,983 homes to date and occupancy applied for another 6,126 homes. It is now on track to complete at least 10,000 homes every year in the next 3-4 years.
The ministry said SWAMIH provides relief to homeowners and 252 projects with an investment of Rs 24,151 crore was sanctioned, benefitting 1,47,378 home buyers.