FPCE supports SWAMIH Fund 2 initiative to complete 1 lakh Housing Units

The homebuyer’s association, Forum for People’s Collective Efforts (FPCE), has voiced support for the launch of SWAMIH Fund 2, emphasizing the need to complete stalled projects to "clean the slate once and for all." While recognizing the fund as a positive step, FPCE stressed the importance of identifying and adequately financing all pending projects. It also urged that developers who have misused homebuyers' funds should be prohibited from launching new projects. 

FPCE welcomed the Rs. 15,000 crore SWAMIH Fund 2 initiative, which aims to complete 1 lakh pending housing units, providing much-needed relief to affected homebuyers.

FPCE President Abhay Upadhyay stated that a structured approach to completing these stalled projects is essential. 

He highlighted that SWAMIH Fund 2, as announced by the Finance Minister, will add 1 lakh completed units to the 50,000 already delivered. Additionally, 40,000 more units are expected to be finished under the SWAMIH 1 scheme by 2025. This initiative will significantly ease the burden on homebuyers, making it a crucial government intervention. 

Upadhyay further pointed out that since government funds essentially taxpayer money are involved in such schemes, it is vital to identify developers who have misused homebuyers' investments for personal gain and prevent them from launching new projects. 

Launched in 2019, the ‘Special Window for Affordable and Mid-Income Housing’ (SWAMIH) was introduced to address stalled housing projects nationwide. The first fund, with a corpus of Rs. 15,530 crore, is managed by SBICAP Ventures, a subsidiary of the State Bank Group.