What is the SWAMIH investment fund and its affordable housing push

The Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund I is a social impact fund specifically formed for completing stressed and stalled residential projects.

According to the Finance Ministry, SWAMIH Fund has one of the largest domestic real estate private equity teams focused only on funding and monitoring completion of stressed housing projects. (File photo)

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The Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund I has raised Rs 15,530 crore so far to provide priority debt financing for the completion of stressed, brownfield and Real Estate Regulatory Authority (RERA)-registered residential projects that fall in the affordable, mid-income housing category. SWAMIH has so far provided final approval to about 130 projects with sanctions worth over Rs 12,000 crore.

What is the SWAMIH investment fund?

The Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund I is a social impact fund specifically formed for completing stressed and stalled residential projects.

The Fund is sponsored by the Ministry of Finance, Government of India, and is managed by SBICAP Ventures Ltd., a State Bank Group company.

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Since the Fund considers first-time developers, established developers with troubled projects, developers with a poor track record of stalled projects, customer complaints and NPA accounts, and even projects where there are litigation issues, it is considered as the lender of last resort for distressed projects. The Fund’s presence in a project often acts as a catalyst for better collections and sales primarily in projects that were delayed for years.

According to the Finance Ministry, SWAMIH Fund has one of the largest domestic real estate private equity teams focused only on funding and monitoring the completion of stressed housing projects.

How many projects so far have been financed by the Fund?

SWAMIH has so far provided final approval to about 130 projects with sanctions worth over Rs 12,000 crore. The Fund has completed 20,557 homes and aims to complete over 81,000 homes in the next three years across 30 tier 1 and 2 cities.

The Fund has been able to complete construction in 26 projects and generate returns for its investors, a government release said. It added, “The Fund has also played a critical role in the growth of many ancillary industries in real estate and infrastructure sector having successfully unlocked liquidity of more than Rs. 35,000 crore.”

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Notably, one of the biggest projects that it finished successfully was the Rivali Park residential project, located in Borivali, Mumbai, in 2021. Spread over seven acres and consisting of 708 units of various configurations, the residential area was developed by CCI Projects Pvt Ltd.

Launched in November 2019, it has raised Rs 15,530 crore so far with an aim to provide priority debt financing for the completion of stressed, brownfield and RERA-registered residential projects that fall in the affordable, mid-income housing category.

Aanchal Magazine

Aanchal Magazine is a Senior Assistant Editor with The Indian Express, serving as a leading voice on the macroeconomy and fiscal policy. With over 13 years of newsroom experience, she is recognized for her ability to decode complex economic data and government policy for a wider audience. Expertise & Focus Areas: Magazine’s reporting is rooted in "fiscal arithmetic" and economic science. Her work provides critical insights into the financial health of the nation, focusing on: Macroeconomic Policy: Detailed tracking of GDP growth, inflation trends, and central bank policy actions. Fiscal Metrics: Analysis of taxation, revenue collection, and government spending. Labour & Society: Reporting on labour trends and the intersection of economic policy with employment. Her expertise lies in interpreting high-frequency economic indicators to explain the broader trajectory of the Indian economy. Personal Interests: Beyond the world of finance and statistics, Aanchal maintains a deep personal interest in the history of her homeland, Kashmir. In her spare time, she reads extensively about the region's culture and traditions and works to map the complex journeys of displacement associated with it. Find all stories by Aanchal Magazine here ... Read More