Home buyers will get relief, government will provide funds to complete the stuck housing units

Delayed Housing Projects: Lakhs of home buyers are still waiting to get the possession of their dream home, even after a decade has passed since booking the house in many cities of the country. There are many people among them who are paying the house rent as well as the EMI of the home loan taken from the bank to buy the house. And this financial burden has broken the back of many. These home buyers are forced to wait to get the keys of their homes. To give relief to such home buyers, the central government has swung into action. The Central Government has recently held a meeting with the RBI and banks regarding the stuck and pending housing projects.

4.80 lakh housing units are stuck

According to real estate services company Anarock, till May 2022, the construction work of 4,79,940 housing units worth Rs 4.5 lakh crore has been stuck in the top seven cities of the country. In which 77 percent of such housing projects are in Delhi-NCR and Mumbai only. In the remaining 23 percent, there are 9 percent such projects in Bangalore, Chennai, Hyderabad. The government wants to complete these housing projects as soon as possible and provide their homes to the home buyers.

How will the stuck housing projects be completed!

According to a report quoting Mint, the Special Window for Affordable and Mid-Housing (SWAMIH) Investment Fund, launched in 2019, completed many such projects which were stuck. But government officials say that a lot more needs to be done in this direction. A total of 20,557 housing units have been completed since 2019 through the Special Window for Affordable and Mid-Housing Investment Fund-1. And once approved, 81,000 housing units of 130 projects located in 40 Tier 1 and Tier 2 cities are being considered for handing over.

Churning going on inside the government

There is a churning going on within the government to provide more funds to the Special Window for Affordable and Mid-Housing (SWAMIH) Investment Fund so that the stuck housing projects can be completed at the earliest. Keeping in mind the investment of lifetime hard earned money of home buyers in these housing projects, the government wants to take concrete action in this direction. For this, the government is talking to stakeholders, banks and regulators. The government is also worried about the money stuck in these banks. Keeping this in mind, the Ministry of Urban Development and Housing has constituted a 14-member committee under the chairmanship of Amitabh Kant, former CEO of NITI Aayog.

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