| | DECEMBER 202019are part of an initiative under the PMAY-Urban scheme. This sub-scheme is designed to cater to the urban migrants particularly in the informal sectors in India. By offering the right incentives to players in the rental housing sector, the initiative hopes to ease the suffering of migrant workers who find themselves away from home without a house to live in. ARHCs are geared towards using vacant housing land to create affordable rental homes for urban migrants. Special Window for Affordable & Mid-Income Housing Investment (SWAMIH)Floated in 2019 by the central government of India, the Special Window for Affordable and Mid-Income Housing Investment or SWAMIH Investment Fund equals to Rs. 25,000 crores. This sum has been set aside to help restart and complete more than 1500 RERA-registered mid-income and affordable housing projects that were stalled due to lack of funds or other problems. Projects that have been declared as NPA or non-performing assets or insolvent fall under this initiative. By extending funding of LIFO basis, the SWAMIH fund hopes to breathe new life into over 4.5 lakh stalled housing units across India. Affordable Housing--Robust Demand, Opportunities, & SupportAffordable housing has a significant role to play in the future of real estate in India. Currently, there is an immense shortage of urban housing--about 10 million units' worth. By 2030, an additional 25 million houses/units will need to be built to meet the volume demand for affordable housing. According to the IBEF, an increase in affordable housing projects will inevitably boost the demand for retail, office, and commercial spaces in the real estate sector. Current interest rates on home loans have been made attractive for potential homeowners as well as investors. The government initiatives are being complemented by the reasonable rates and offers floated by real estate developers in India. While the real estate sector has been negatively affected by the pandemic, it is firmly set on the path to recovery bolstered by forward-thinking realty developers and the Indian government. Vinit Dungarwal
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