SWAMIH Fund
Context:
Prime Minister congratulates new homeowners in Bengaluru’s first project under SWAMIH Fund
Relevance:
GS-03 (Indian Economy)
About:
Special Window for Affordable and Mid-Income Housing (SWAMIH) – The SWAMIH Investment Fund is a social impact fund established to address the challenges faced by stalled and distressed residential projects in India sponsored by the Ministry of Finance, Government of India.
- Its primary objective is to facilitate the completion of these projects and revitalize the housing sector. – The Fund operates as a Category-II AIF (Alternate Investment Fund) debt fund, regulated by SEBI (Securities and Exchange Board of India).
– The fund acts as a lender of last resort, and it provides financial assistance to distressed projects that are unable to secure funding from traditional sources.
- It offers a lifeline to various categories of developers and projects:
– First-time developers seeking support to kick-start their projects.
– Established developers encountering difficulties with troubled projects.
– Developers with a history of stalled projects due to financial constraints.
– Projects burdened by customer complaints and non-performing assets (NPA).
– Projects entangled in legal disputes and litigation.
– The presence of the SWAMIH Fund often acts as a catalyst for the recovery and revival of distressed projects. Its involvement instills confidence among stakeholders, including homebuyers, lenders, and investors.
– The SWAMIH Fund is recognized as one of the largest domestic real estate private equity teams in India. Its core focus is exclusively on funding and actively monitoring the completion of stressed housing projects.
– By providing vital financial support and acting as a catalyst for project revival, the SWAMIH Investment Fund plays a crucial role in revitalizing the real estate sector and promoting affordable housing in India.
