SWAMIH Fund: Rs 10,284 Crore Sanctioned As Last-Mile Funding For Completion Of 101 Stalled Housing Projects

In a major boost for stuck housing projects, the alternate investment fund (AIF) set up last year by the Government of India to extend the crucial last-mile funding for the completion of such projects has sanctioned Rs 10,284 crore for a total of 101 projects across the country, reports Financial Express.

The completion of these 101 projects would translate into 71,559 houses, thus bringing much relief to home-buyers who have for long been waiting to be handed over the keys to their completed homes. The projects are spread across a broad mix of cities, including Tier-2 locations like Karnal, Panipat, Lucknow, Surat, Dehradun, Kota, Nagpur, Jaipur, Nashik and Chandigarh.

Of the total 101 projects, 22 have received the final approval to receive funding of Rs 3,742 crore, while 79 projects have received the preliminary nod for receiving Rs 6,812 crore of funding.

The AIF was announced by the Government on 6 November last year to give a fillip to the stressed real estate sector. It's called Special Window for Affordable and Mid Income Housing (SWAMIH). The fund is managed by SBICAP Ventures which is an arm of the SBI Capital Markets.

At the time of fund's launch, the Government had pledged a total of Rs 10,000 crore for it from its own end, while it was also announced that the fund would have a size of Rs 25,000 crore, with the rest being raised from different investors.

It should be noted that by December 2019 itself, the fund had raised Rs 10,530 crore from 14 investors including the Life Insurance Corporation (LIC), HDC and State Bank of India.