SWAMIH fund completes over 20,000 homes since 2019. Know what's its purpose - Hindustan Times
close_game
close_game

SWAMIH fund completes over 20,000 homes since 2019. Know what's its purpose

BySnehashish Roy
Mar 06, 2023 11:46 AM IST

Centre claims SWAMIH fund has one of the largest domestic real estate private equity teams that are focused on monitoring and funding the completion of stressed residential properties

The Special Window for Affordable and Mid-Income Housing (SWAMIH) investment fund has completed over 20,000 homes worth 12,000 crore since the initiative was launched in 2019. Funded by the Union finance ministry, the fund is aimed at debt financing of stressed, brownfield residential properties.

SWAMIH fund completes over 20,000 homes since its inception.(Bloomberg)
SWAMIH fund completes over 20,000 homes since its inception.(Bloomberg)

Repossessed properties from a defaulting borrower are called stressed properties, and they are purchased at discounted price for the purpose of reviving the outstanding loan amount. Brownfield properties are previously developed land that is not in use currently due to various reasons ranging from soil contamination, hazardous waste and pollution.

Hindustan Times - your fastest source for breaking news! Read now.

Also read: 50 families left homeless after 22-year-old Dombivli building develops cracks

What is SWAMIH investment fund?

Launched in November, 2019, with an objective to complete stressed and brownfield properties registered under Real Estate Regulatory Authority (RERA), SWAMIH investment fund is a government-funded initiative and it is managed by the State Bank Group's SBICAP Ventures Limited.

The project identifies established developers with poor track record of stalled projects, NPA accounts, customer complaints even projects with litigation issues along with first-time developers as lenders.

SWAMIH fund has one of the largest domestic real estate private equity teams that are focused on monitoring and funding the completion of stressed residential properties, according to the Cent

What is the update on the fund?

Around 130 projects completing a total of 20,557 homes have been approved under this project. The cost ranged over 12,000 crore so far. It aims to complete over 81,000 homes in a three-year duration across tier 1 and 2 cities.

According to a government statement, the fund has completed the construction of 26 projects and generate returns for its investors. “The Fund 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,” it said.

So far, it raised a total of 15,530 crore.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away! -Login Now!
SHARE THIS ARTICLE ON
Share this article
  • ABOUT THE AUTHOR
    author-default-90x90

    Snehashish is a content producer at Hindustan Times. A driven journalist with hands-on experience in print, digital and broadcast. A Jadavpur University alumnus who believes everything is come-at-able.

SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, March 28, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On