Source: PIB
Context: The PM has congratulated new homeowners in Bengaluru’s first project under SWAMIH Fund which has helped more than 3000 families in owning their dream homes.
What is the SWAMIH Investment Fund?
- The Special Window for Affordable and Mid-Income Housing (SWAMIH) is a social impact fund specifically formed (in 2019) for completing stressed and stalled residential projects.
- The Fund is sponsored by the Ministry of Finance and is managed by SBICAP Ventures Ltd – a State Bank Group company.
- It is considered the lender of last resort for distressed projects since it 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.
- The Fund’s presence in a project often acts as a catalyst for better collections and sales primarily in projects that were delayed for years.
- It has raised Rs 15,530 crore so far with an aim to provide priority debt financing for the completion of stressed, brownfield and RERA-registered residential projects that fall in the affordable, mid-income housing category.
