There is good news for some of the stalled residential projects in Faridabad finally.  Recently the government has started to release funds under the Special Window for Affordable and Middle Income Housing (SWAMIH) for some of the stalled projects in Faridabad. The Ansals Buildwell is one of the firms which have been chosen for getting 47 crores from this fund for the completion of their project Ansals Crown Heights in sector 80 Faridabad.


As we are aware before the RERA was implemented and became mandatory for builders normally the builders were forced to raise the capital for their projects either from banks or from private lenders and investors or by launching pre launch offers like 20/80 whereby the consumers or investors use to get multiple units allotted to them at much cheaper rates than even the cost price.  Due to certain mal practices the faith of the investors and buyers dwindled in such schemes. The implementation of the RERA has put a halt on certain malpractices of the builders and they are forced to deposit at least 70% of the total proceeds received from that project in a separate account and this amount is to be used only towards the costs of the earmarked project. 


Previously due to some financial difficulties and investment crunch many projects were stalled by the builders and have been delayed for years on end. Finally the Government stepped in and created the SWAMIH fund of 25000 crores to help out the investors who had suffered in these stalled projects in 2019.  Once again in 2020 due to the Covid pandemic the real estate sector suffered due to financial crunch and also a crunch in the availability of labor for completion of the projects as most of the real estate sector in India is labor intensive and needs manual labor for completion of their projects.


Finally the government has stepped in and now projects are being selected on merit all over India and this means that there are good times ahead for the real estate sector and it seems that the recovery time is not far off.