Context

• Launched in November 2019, SWAMIH investment fund has raised Rs 15,530 crore so far with an aim to provide priority debt financing for the completion of stressed, brownfield and RERA-registered residential projects that fall in the affordable, mid-income housing category.

About SWAMIH investment fund

• The Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund I is a social impact fund specifically formed for completing stressed and stalled residential projects.
• SWAMIH Investment Fund is sponsored by the Ministry of Finance, Government of India, and is managed by SBICAP Ventures Ltd., a State Bank Group company.
• 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.
• The Fund’s presence in a project often acts as a catalyst for better collections and sales primarily in projects that were delayed for years.
• According to the Finance Ministry, SWAMIH Fund has one of the largest domestic real estate private equity teams focused only on funding and monitoring the completion of stressed housing projects.
• 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.
  • Notably, one of the biggest projects that it finished successfully was the Rivali Park residential project, located in Borivali, Mumbai, in 2021.

Source: IE

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