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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.