The government-backed stress fund for realty sector ‘SWAMIH’ has helped in completion of 20,577 homes so far and another 80,000 units will be delivered in the next three years.
SBICAP Ventures is managing the SWAMIH (Special Window for Affordable and Mid-Income Housing), which was set up in 2019 by the government to complete stalled projects.
The total size of the SWAMIH Invest Fund-I is Rs 15,530 crore, out of which Rs 10,000 crore has been infused by the Centre.
Addressing realtors’ body NAREDCO’s conference on real estate, Irfan A Kazi, chief investment officer of SWAMIH Investment Fund, SBICAP Ventures Ltd, on Friday said about Rs 10,000 crore has been sanctioned so far and Rs 5,000 crore is still left.
He highlighted that the SWAMIH fund has helped in completion of 20,577 housing units across 26 projects. The total funding in these projects were to the tune of Rs 2,200 crore.
Kazi said the target is to complete about 80,000 homes over the next three years. He highlighted that the SWAMIH fund has given final approval to 132 projects across 30 cities for completion of 83,067 units.
Under SWAMIH, funding is given at an interest rate of 12 per cent.
“We have started recovering money also. In 11 projects, we have recovered our fund,” Kazi said.
He said the SWAMIH fund is the brilliant idea conceptualised by the government and the SBICAP has been implementing the idea efficiently.
Kazi said the SBICAP had done a study that revealed that more than 1,500 projects are stalled comprising 4.58 lakh units.
The total investment required to complete these 1500 projects is Rs 55,000 crore, he added.
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