The Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund has completed 20,577 homes since its inception in 2019 and hopes to complete over 81,000 in the next three years across 30 Tier 1 and 2 Cities.
It has raised Rs 15,530 crore so far with an aim 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. The fund is sponsored by the finance ministry and is managed by SBICAP Ventures, a State Bank Group Company.
Since the Fund considers first time developers, established developed with troubled projects, developers with a poor track record of stalled projects, customers complaints and NPA accounts, 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 even in its projects that were delayed for years, according to a finance ministry statement. Given the robust control and despite the track record of the projects and promotors, the Fund has been able to compete construction in 26 projects and generate returns for its investors.
