NEW DELHI: Union Minister for Finance & Corporate Affairs Nirmala Sitharaman on Thursday handed over possession to homebuyers of Rivali Park Wintergreen completed under Special Window for Affordable & Mid-Income Housing (SWAMIH).
The residential project - Rivali Park, located in suburban Mumbai, was the first housing project in India to have received funding under the SWAMIH fund.
The finance minister said that the government of India had stepped in to provide funding to the stressed affordable and mid-income housing projects thereby giving relief to the home buyers who had invested their hard earned savings.
Sitharaman said the Government believes that once these homes are constructed and completed, a large amount of capital locked up in these projects will be released.
The finance minister said it will provide employment to construction workers and will provide impetus to the allied industries such as steel and cement. Further, it will improve portfolios of banks and NBFCs and significantly improve the economic sentiment in the nation.
"We have obtained Occupancy Certificates (OCs) for the entire project and have commenced the possession process," said Rohan Khatau, director, CCI Projects.
SWAMIH fund was launched in November 2019. It has so far given its final approval to 72 projects that will complete 44,100 homes, while 132 projects have received preliminary approval, which will complete an additional 72,500 homes.
Currently, GST is levied on sale of under-construction flats/units wherein the entire value of flat or unit (including value of underlying land) is taxed after giving Ad Hoc deduction of 1/3 of value of flat/unit towards land irrespective of actual value of land.