New Delhi, Dec 10 (PTI) The government-sponsored Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund on Friday achieved another closure of a stressed project in Bhiwadi, Rajasthan.

Suresh Kozhikote, MD, SBICAP Ventures handed over the keys to the relieved homebuyers of Phase-I Oxirich Sunskriti II project.

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Within a period of six months, SWAMIH funding has made it possible to complete the construction of 100 units in 2 towers of Oxirich Sunskriti II, out of 700 units across 6 towers, a tweet from Finance Ministry said.

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"Project was stressed due to paucity of cash flows. Funding commitment by GOI's SWAMIH Fund has resulted in Project's revival, providing relief to distressed homebuyers & direct employment to more than 250 people," another tweet said.

SWAMIH funding provides adequate capital along with constant and direct supervision of project expenditure to ensure project completion, it said, adding the funding also serves as a catalyst for additional cash flows through increased collections and sales.

SWAMIH Fund has already completed 1,500+ homes in the last six months, it said.

It is currently on track to complete at least 10,000 homes every year in the next 3-4 years, it added.

Around 243 projects with investment of Rs 22,972 crore have been sanctioned and will benefit 1,41,045 homebuyers, it said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)