Economy

SWAMIH fund gaining traction: FM

Our Bureau New Delhi | Updated on October 08, 2020

The fund aims to provide relief to stalled housing projects

The ₹25,000-crore Special Window for Affordable & Mid-Income Housing Fund (SWAMIH) is working at a “fast pace” to provide relief to homeowners.

As of October 5, as many as 33 projects with investments of ₹4,197 crore have been accorded final approval, which will lead to completion of 25,048 home units, Finance Minister Nirmala Sitharaman’s Office tweeted on Thursday.

Overall, 123 projects have been sanctioned till now, including final approval for 33 projects, at an investment of ₹12,079 crore that would provide relief to 81,308 homeowners.

Also read: Government sanctions ₹8,700 cr to help complete construction of 60,000 houses

It may be recalled that SWAMIH was announced by the government in November last year as an Alternate Investment Fund (AIF) (Category II) to extend crucial last-mile funding for completion of stalled housing projects. This fund is managed by SBICAP Ventures, an arm of SBI Capital Markets.

At the time of the fund’s launch, the government had pledged a total of ₹10,000 crore from its end. It was announced that the fund would have an overall size of ₹25,000 crore and the rest would be raised from different investors.

By December 2019, SWAMIH had raised ₹10,530 crore from 14 investors, including LIC, HDFC and State Bank of India.

Published on October 08, 2020

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