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The SWAMIH (Special Window for Affordable and Mid-Income Housing) initiative, a government-backed stress fund for the real estate sector, has enabled the completion of 20,577 homes to date, with an additional 80,000 units expected to be delivered over the next three years. Managed by SBICAP Ventures, the fund was established in 2019 to complete stalled projects in the sector.
The total size of the SWAMIH Invest Fund-I is Rs 15,530 crore, out of which the Centre has contributed Rs 10,000 crore. At a recent real estate conference organised by NAREDCO, Irfan A Kazi, Chief Investment Officer of SWAMIH Investment Fund, SBICAP Ventures Ltd, stated that approximately Rs 10,000 crore has been sanctioned so far, while Rs 5,000 crore remains unallocated.
Kazi highlighted that the SWAMIH fund has facilitated the completion of 20,577 housing units across 26 projects, with total funding amounting to Rs 2,200 crore. The objective now is to complete 80,000 homes over the next three years. Kazi emphasised that the SWAMIH fund has given final approval to 132 projects across 30 cities for the completion of 83,067 units.
Under the SWAMIH initiative, funding is provided at an interest rate of 12%. SBICAP Ventures conducted a study which revealed that over 1,500 projects comprising 4.58 lakh units are stalled. The total investment required to complete these 1,500 projects is Rs 55,000 crore.
The SWAMIH initiative has proven to be a significant step in the government's efforts to revive the real estate sector, which was adversely affected by the economic slowdown and the COVID-19 pandemic. The stress fund has been crucial in providing impetus to stalled projects, thereby boosting the sector's overall growth. The SWAMIH fund's success in completing over 20,000 homes thus far, and the potential to deliver 80,000 more over the next three years, signals a positive outlook for the sector, with the potential for providing affordable housing options to a broader section of the population.
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