In 2024, over 5.3 lakh residences will be completed, a decade-high. The Covid-19 outbreak delayed projects and the government-backed SWAMIH fund revived them, causing this increase. NAREDCO states that almost 4.35 lakh units were constructed in the top seven cities in 2023.

Given the large number of stalled housing projects, the SWAMIH fund, which finances their completion, has demonstrated potential but has scalability issues. Despite completing over 26,000 residences and recovering a major share of investor funds, it needs to expand its reach and efficiency.

Indian real estate is hopeful for major improvements when Finance Minister Nirmala Sitharaman presents Budget 2024. The business anxiously awaiting affordable housing definition extension, industry classification, and tax benefits for homebuyers and developers.

SWAMIH - Affordable Housing Fund Seeks to Complete 81,000 Homes Within 3 Years

The SWAMIH Investment Fund-1, sponsored by SBICAP companies, helps low- and middle-income housing construction. The government has spent about Rs. 15,530 crore in it.

Special Window for Affordable & Low-Income Housing has given Sikka Group with Rs 207 crore for its future project in Greater Noida (SWAMIH) (SWAMIH). This money will speed the project's delivery, enabling Sikki Kimaya Greens to house one thousand buyers.