Mantri Serenity is first stalled realty project in Bengaluru to be completed with government funds
The HinduDecember 20, 2022 02:59 pm | Updated 08:11 pm IST - Bengaluru Mantri Serenity on Kanakapura Road, where booking began in 2012 but the project was stalled in 2018 due to lack of funds, has emerged as the first realty project in Bengaluru to be completed using funding from the SWAMIH Investment Fund, a special scheme by the Union government to ensure completion of stalled housing projects. Bengaluru South MP Tejaswi Surya had intervened on behalf of home-buyers and had appealed to Union Finance Minister Nirmala Sitharaman to provide funding through SWAMIH Investment Fund. The fund is a special scheme of the Union government supported by SBICAP Ventures, an alternative asset manager that recovers the funding to the stalled project through the sale of apartments. We are happy that several stalled projects are being finished using the SWAMIH fund turning home=buyers’ dreams into reality,” said M. S. Shankar, general secretary, Forum for People’s Collective Efforts, formerly known as Fight for RERA.
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