SWAMIH or Special Window for Affordable and Mid-Income Housing investment fund has so far provided approval to about 130 projects with sanctions worth over Rs 12,000 crore, and in three years since inception in 2019, it has already completed 20,557 homes and aims to complete over 81,000 homes in the next three years across 30 tier 1 and 2 cities.
SWAMIH is India's largest 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.
It has raised Rs 15,530 crore so far with an aim to provide priority debt financing for the completion of stressed real estate.
"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, even projects where there are litigation issues, it is considered as the lender of last resort for distressed projects," Ministry of Finance said in a statement on Saturday.
( With inputs from ANI )
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