SWAMIH Fund for stalled housing projects

Context

The first stalled project under Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund was completed and the key were handed over to the buyers virtually.

About the SWAMIH Fund

• This special window is known as the “SWAMIH Investment Fund I”.
• It works in the form of an alternative investment fund.
• It is Rs 25,000 crore, fund to help complete over the stalled housing projects.
• It was started in 2019.
• Administration: The Department of Economic Affairs under the Ministry of Finance administers the scheme.
• Need: Many real estate projects across the country were stalled due to fund crunch as they were not getting any fund from banks and industries.

Significance: SWAMIH Fund I will benefit 1.16 lakh Indian families.

• • It will provide employment to construction workers.
  • It will give impetus to the allied industries such as steel and cement.
  • It will improve portfolios of banks and NBFCs.
  • It will help to significantly improve the economic sentiments of the nation.
• Management: The investment manager of the fund is SBICAP Ventures Ltd.
  • It is an asset management company which is a wholly-owned subsidiary of SBI Capital Markets Ltd,.