Finance Ministry has said that SWAMIH Investment Fund is making first complete exit from an investment made for construction of CCI Rivali Park Wintergreen housing project in Mumbai.

Established in 2019, the fund acts like a a ‘special window’ fund to provide priority debt financing for the completion of stalled housing projects that are in the affordable and middle-income housing sector. It aims to bridge the trust deficit between homebuyers and developers by completing construction and delivering homes without depending on any other source of finance.

“The fund achieved its twin targets – complete the project and redeem its investment successfully,” a tweet by the Finance Ministry in reference to its Mumbai-based project which was launched in 2010 and got stalled due to lack of funds. “No hope for desperate homebuyers until SWAMIH investment in Feb-2020. Project received occupation certificate in April-2021 despite two Covid lockdowns,” another tweet said.

The Ministry said that under this project, over 700 homes have been delivered. Support by the government helped in cash flows for existing lenders beside un-locking of capital for developers and investors.

Also read: SWAMIH Investment Fund invests ₹136 cr in Janapriya project

According to the Ministry, SWAMIH has given final approval to 95 projects sanctioning more than ₹9,500 crore which will complete over 57,700 homes. It has already completed over 1,500 homes in seven projects and is on track to complete at least 10,000 homes every year.

The Ministry claimed that SWAMIH is now India’s largest social impact fund which is managed by SBI Cap Ventures. “The construction focus ensures that SWAMIH sites have the highest worker density with almost 16,000 or more labourers. It has worked through Covid times to approve one new project almost every week since inception,” the Ministry said.