SWAMIH Investment Fund hits Milestone of 50,000 Affordable Homes

The Special Window for Affordable and Mid-Income Housing (SWAMIH) investment fund has reached a major milestone by completing 50,000 homes, bringing relief to homebuyers of stalled projects.

Announcing the achievement, SBI Ventures stated, “50,000 homes completed under SWAMIH Fund. Transforming lives of homebuyers, redefining impact investing, and setting benchmarks in real estate.”

Launched in 2019 by the finance ministry, SWAMIH provides debt financing for stalled and brownfield residential projects, specifically in the affordable and mid-income housing segments.

Managed by SBICAP Ventures, a subsidiary of the State Bank Group, the fund is the first of its kind, with no equivalent in India or globally.

With Rs. 15,530 crore raised to date, the fund focuses on completing Real Estate Regulatory Authority (RERA)-registered projects that are distressed. It extends support to first-time developers, those with a history of stalled projects, and even developers facing litigation or non-performing asset (NPA) issues, making it a lender of last resort for troubled projects.

A study by Propequity in 2019, commissioned by SBI Ventures, revealed that approximately 1,500 projects with 4.58 lakh housing units were stalled, requiring Rs. 55,000 crore to ensure their completion.

SWAMIH’s intervention is helping bridge this funding gap, reviving projects that were once considered unviable. This milestone highlights its transformative role in impact investing, creating benchmarks in India’s real estate sector, and bringing stability to the housing market.

“Policies prioritizing financing for affordable housing projects can encourage developers to take on such initiatives, helping to address the demand-supply gap. Additionally, increased investment through schemes like SWAMIH (Special Window for Affordable and Mid-Income Housing) to complete stalled projects will boost buyer confidence and drive purchase decisions,” said Mittal.