New Delhi, Jan 24 (PTI) The Special Window for Affordable and Mid-Income Housing (SWAMIH) investment fund has achieved a milestone by completing 50,000 homes.
"Milestones achieved: 50,000 homes completed under SWAMIH Fund. Transforming lives of homebuyers in stalled projects, redefining impact investing and setting benchmark in real estate," SBI Ventures said in a post on X.
Funded by the finance ministry, the fund is aimed at debt financing of stressed and brownfield residential properties.
The fund, established in 2019, is managed by SBICAP Ventures Ltd, a State Bank Group company. It has no precedent or comparable peer funds in India or the global markets.
It has raised ₹15,530 crore so far with the aim of providing priority debt financing for the completion of stressed, brownfield and Real Estate Regulatory Authority (RERA) registered residential projects that fall in the affordable, mid-income housing category.
Since the fund considers first-time developers, established developers with troubled projects, developers with a poor track record of stalled projects, customer complaints and NPA accounts, and even projects where there are litigation issues, it is considered as the lender of last resort for distressed projects.
A study by Propequity commissioned by SBI Ventures Ltd in 2019, had estimated that about 1,500 projects with 4.58 lakh housing units were stalled/stressed and required aggregate funding of ₹55,000 crore to complete the stalled projects.
{{/usCountry}}A study by Propequity commissioned by SBI Ventures Ltd in 2019, had estimated that about 1,500 projects with 4.58 lakh housing units were stalled/stressed and required aggregate funding of ₹55,000 crore to complete the stalled projects.
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