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In a letter to Union Finance Minister Nirmala Sitharaman, NAREDCO has sought other budgetary relaxations, including allowing input tax credit under GST

The government recently informed Parliament that as of November 16, 2023, 342 proposals aggregating to Rs 37,554 crore have been approved under SWAMIH. This will benefit around 2,18,699 homebuyers and unlock projects worth Rs 94,367 crore.

Stalled Real Estate Projects: "As of November 16, 2023, under SWAMIH, 342 proposals aggregating to Rs 37,554 crore have been approved and this will benefit around 2,18,699 homebuyers and unlock projects worth Rs 94,367 crore," the minister said.

Designated as a category II alternative investment fund, it was introduced by finance minister Nirmala Sitharaman in September 2019. This initiative emerged in response to escalating worries about stalled projects adversely affecting homebuyers and posing potential risks to the banking system.

The committee has recommended various measures to complete these stalled projects and handover the same to the homebuyers, he said, adding that the panel has observed that the primary reason for stress in real estate projects is the lack of financial viability of these projects.

(This story has not been edited by THE WEEK and is auto-generated from a PTI

A communication in this regard was sent out to banks last month, people familiar with the matter told ET. The government had in 2019 set up a Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund to help complete stalled housing projects.

The Reserve Bank of India (RBI) has informed banks that additional housing loans for stalled real estate projects, revived under the governments Special Window for Affordable and Mid-Income Housing (SWAMIH) scheme, can be considered standard loans. This move aims to support the completion of stalled projects. However, the borrower must not own more than two residential properties in a stalled project, and failure to meet payment terms will revert the account to non-performing status.

Besides, there are at least one lakh individuals who are still waiting to register their flats while nearly 60,000 others are yet to be handed flats long after their possession date, stated the white paper, issued by citizens platform Noida Dialogue and private body Namo Seva Kendra.

Get latest articles and stories on Latest News at LatestLY. Thirty-five per cent of India's stalled residential projects having 1.65 lakh flats worth a total of Rs 1.18 lakh crore are in Uttar Pradesh's Noida and Greater Noida, according to a white paper released on Sunday. Latest News | India's 35 Pc Stalled Housing Projects in Noida: White Paper on Homebuyers' Issues.