Housing Project Current Affairs - 2020

Facts Box: SWAMIH funds reviewed

The Union Finance Minister Nirmala Sitaraman recently reviewed the performance of Special Window for Affordable and Mid Income Housing (SWAMIH).

Highlights

Around 81 projects have been approved under the SWAMIH funds with an investment of Rs 8,767 crores. The fund was formed to complete stalled construction, mid-income housing projects, RERA-registered affordable projects. The fund has a target corpus of Rs 12,500 crores. The green shoe option of the fund is Rs 12,500 crores.

The fund was cleared to be set up in November 2019. The Secretary of Ministry of Finance is the sponsor of the fund on behalf of Government of India. SBICAP Ventures of the investment manager of the funds.

Green Shoe Option

The Green Shoe option is an over allotment option. It provides an underwriting agreement that grants the underwriter the right to sell investors more shares than the initially planned by the provider when the demand for security issue proves higher than expected.

Significance

The fund will help stressed housing projects. This will help to revive real estate sector. The projects sanctioned under the funds are spread in Delhi, Pune, Bengaluru and in Tier 2 locations such as Panipat, Karnal, Lucknow, Dehradun, Jaipur, Chandigarh, Vizag, Nashik and Jaipur.

MoU signed between Indian Army and Tata Realty

In order to provide quality housing to army personnel, a historic milestone was reached with the signing of a memorandum of understanding (MoU) between Indian Army and Tata Realty & Housing.

Key Highlights of MoU

It enables Indian Army’s personnel to immediately take over dwelling units in 13 ‘Ready to Move in’ projects of Tata Realty pan India spread in more than 10 cities such as Pune, Chennai, Bengaluru, Gurugram among others. These housing units are available at a discount ranging from 11% to 27%.

This MoU signals a new era for Army Welfare Housing Organization (AWHO), which has always endeavored to provide quality housing for personnel in Indian Army who are deployed in remote locations across country.

AWHO will now facilitate acquisition of homes from reputed private builders at discounted rather than building them for soldiers.

About Army Welfare Housing Organisation (AWHO)

It is a society formed in December 1978 with objective of constructing structurally sound, economically viable and functionally efficient dwelling units for serving or retired Army personnel and their widows in selected stations throughout India.

It comes under Indian Societies Registration Act XXI of 1860.

Function:  To construct houses for desirous serving or retired members of Army and their widows on ‘NO PROFIT NO LOSS’ basis in selected popular stations.

Ex-officio chairman of AWHO: Adjutant-General of Indian Army (the senior administration officer who reports to Chief of Army Staff). AWHO’s board of governors is entirely constituted of senior army officers. The Adjutant-General of the Indian Army is also the Colonel of Corps of Military Police.