NEW DELHI: The Special Window for Affordable and Mid-Income Housing (SWAMIH) investment fund has achieved a milestone by completing 50,000 homes. “Milestones achieved: 50,000 homes completed under SWAMIH Fund. Transforming lives of homebuyers in stalled projects, redefining impact investing and setting benchmark in real estate,” SBI Ventures said in a post on X.
Funded by the finance ministry, the fund is aimed at debt financing of stressed and brownfield residential properties.
The fund set up in 2019 is managed by SBICAP Ventures Ltd, a State Bank Group company and it has no precedent or comparable peer fund in India or in the global markets.
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.
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.
A study by Propequity commissioned by SBI Ventures Ltd in 2019, had estimated that about 1,500 projects with 4.58 lakh housing units were stalled/stressed and required aggregate funding of Rs 55,000 crore to complete the stalled projects.
