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

SWAMIH to Complete 81,000 Homes Within 3 Years

New Delhi:

Since its launch in 2019, the Special Window for Affordable and Middle-Income Housing (SWAMIH) Investment Fund has constructed 20,577 units in 30 Tier 1 cities and aims to cover 81,000 in the following three years.

It has collected Rs. 15,530 crore thus far with the intention of providing priority debt financing for the completion of stressed, brownfield, and Real Estate Regulation Authority-registered affordable housing residential projects.

SWAMIH has granted final permission to around 130 projects totaling over Rs 12,000 crore. The finance ministry sponsors the fund, which is administered by SBICAP Ventures Ltd., a State Bank subsidiary.

The Fund is regarded the lender of last choice for distressed projects since it accepts first-time developers, experienced developers with difficult projects, delayed projects, and even projects with legal issues, customer complaints, and NPA accounts.

SWAMIH's investment strategy is predicated on stringent oversight and control over project spending, which enables quicker project completion. According to a statement from the finance ministry, the Fund's involvement in a project typically works as a catalyst for improved collections and sales, even in projects that have been delayed for years.

The Fund has also played a crucial role in the development of several real estate and infrastructure-related auxiliary companies.