The Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund I has raised Rs 15,530 crore so far.

What is the SWAMIH investment fund?

• The 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 and is managed by SBICAP Ventures Ltd., a State Bank Group company.
• The Fund is considered as the lender of last resort for distressed projects.

Who are eligible for this fund?

It 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.

Significance of the funds

• 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.
• It 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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