Special Window For Affordable & Mid-Income Housing (SWAMIH)
The residential project -- Rivali Park in suburban Mumbai -- is the first housing project in India to have received funding under the SWAMIH Fund.
- The SWAMIH Fund was launched by Sitharaman in November 2019.
- SWAMIH Investment Fund has been formed to complete construction of stalled, RERA-registered affordable and mid-income category housing projects which are stuck due to paucity of funds.
- The fund was set up as a Category-II AIF (Alternate Investment Fund) debt fund registered with SEBI.
- The Investment Manager of the Fund is SBICAP Ventures, a wholly-owned subsidiary of SBI Capital Markets, which in turn is a wholly-owned subsidiary of the State Bank of India.
- The Sponsor of the Fund is the Secretary, Department of Economic Affairs, Ministry of Finance.
Benefits of the scheme
- Government of India had stepped in to provide funding to the stressed affordable and mid-income housing projects thereby giving relief to the home buyers who had invested their hard earned savings.
- It will provide employment to construction workers and will provide impetus to the allied industries such as steel and cement.
- It will improve portfolios of Banks and NBFCs and significantly improve the economic sentiment in the nation.
More about SWAMIH
- In a short time-span of 1.5 years since inception, the SWAMIH Investment Fund I today is one of the largest private equity teams in India and has done commendable work despite COVID-19 related restrictions.
- The Fund so far has given its final approval to 72 projects that will complete 44,100 homes, while 132 projects have received preliminary approval, which will complete an additional 72,500 homes. Thus, the Fund is targeting to complete an aggregate of 1,16,600 homes.
- This Fund is bridging the trust deficit between homebuyers and developers by completing construction and delivering homes without depending on any other source of finance.
Source : PIB