Funds Similar To SWAMIH for Stalled Projects: MoHUA

The Government would ask other financial institutes to open up the financing avenues on the lines of SWAMIH Fund to provide priority debt financing for the completion of stalled housing projects, revealed Shri Hardeep Singh Puri Minister of State (Independent Charge) of the Ministry of Housing and Urban Affairs; Minister of State (Independent Charge) of the Ministry of Civil Aviation; and Minister of State in the Ministry of Commerce and Industry. He further asserted that the Ministry will soon consider classifying the real estate sector as a different asset class to give it a further boost. “There was a proposal that the real estate needed a different asset class, please send a note and we will push this forward,” he said. The Ministry would interact with the Finance Ministry to further rationalise the Circle rates and explore the possibility of enhancing the FSI limits to pump in more housing inventory in the market.  The Minister also hinted that the Government would encourage states to reduce stamp duty for boosting the housing sales. He also suggested the developers to offload inventory in real time for a fast-track growth. Shri Puri informed that the projects under the PMAY scheme would be completed in time and the Prime Minister was reviewing the progress on this front. Mentioning that the scheme of affordable rental housing complexes is on a fast track mode, he said, “We have signed MOUs with 27 State Governments for this programme and have received over 28 lakhs registrations on the portal that speaks about its volume and need.”