New Delhi, Feb 1 – In a move aimed at easing the burden on homebuyers stuck with delayed housing projects, Union Finance Minister, Nirmala Sitharaman, has introduced a new ₹15,000 crore ‘SWAMIH Fund’, targeting the completion of one lakh housing units in various cities.
SWAMIH Fund and Its Impact
The Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund was launched in November 2019 with a financial pool of ₹15,530 crore. It was managed by SBICAP Ventures Ltd, a subsidiary of the State Bank of India (SBI) Group.
- Success of SWAMIH Fund-1: The first phase completed 50,000 housing units, with an additional 40,000 units projected to be delivered by 2025.
- Primary Objective: The fund was created to provide priority funding for stalled, under-construction, and RERA-registered housing projects in the affordable and mid-income segments.
During her budget address, Sitharaman announced the launch of SWAMIH Fund-2, following the achievements of its predecessor.
“Building on this success, SWAMIH Fund-2 will be established as a blended finance facility with government, banks, and private investor’s contributions. This fund of ₹15,000 crore will aim for expeditious completion of another 1 lakh units,” stated Sitharaman.
SWAMIH Fund-2: Objectives and Implementation
During the Union Budget speech, Sitharaman introduced SWAMIH Fund-2, which will be structured as a blended finance facility with contributions from the government, banks, and private investors.
- Financial Allocation: ₹15,000 crore
- Target: Completion of 1 lakh housing units
- Implementation: The fund will focus on expediting the completion of delayed projects and ensuring homebuyers receive their properties without further delay.
Square Yards React to SWAMIH Fund-2
Leading real estate firm Square Yards has welcomed the launch of SWAMIH Fund-2, asserting that it will be instrumental in resolving unfinished projects and providing much-needed respite to buyers.
Piyush Bothra, Co-Founder & CFO of Square Yards, described the ₹15,000 crore allocation under the SWAMIH Fund as a major breakthrough, providing vital support to buyers affected by prolonged delays and assisting key stakeholders on the supply side.
Conclusion: A Step Towards Restoring Homebuyer Confidence
The launch of SWAMIH Fund-2 marks a significant intervention by the government to resolve housing project backlogs, reinstate buyer confidence, and stimulate real estate growth. With this initiative, thousands of homebuyers waiting for their properties for years can expect timely completion and possession of their long-awaited homes.
Read more through the links below to uncover the key trends and market leaders driving this growth:
Indian Express – https://bit.ly/3WL4OMV
The Week – https://bit.ly/3WKh3tc
Fortune India – https://bit.ly/4gsiFyC
My Realty – https://bit.ly/40DtMPv
Published Date: 2 Feb, 2025
