Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman informed that so far Rs 8767 crore has been approved for 81 projects under Special Window for Affordable and Mid Income Housing (SWAMIH) Investment Fund I. The approved projects will enable the completion of almost 60,000 homes across India.
- The announcement was made when the performance of SWAMIH was reviewed with Secretaries of Ministries of Finance and senior management team of the State Bank of India, SBI Capital Markets Limited and SBICAPS Ventures Limited (SVL)
The Finance Minister asked the Department of Economic Affairs to closely monitor the performance of the SWAMIH Investment Fund I so as to ensure that the capital raised by the Fund is committed towards resolving stressed projects and remove any hindrance that arises in this process.
About SWAMIH investment fund I
i.It is a Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects.
ii.The Union Cabinet has cleared a proposal in November 2019 to set up a ‘Special Window’ in the form of an alternative investment fund (AIF) to provide priority debt financing for the completion of stalled housing projects. SVL will be the Investment Manager to the first AIF set-up under this special window.
iii.The fund will be set up as a Category-II AIF (Alternate Investment Fund) debt fund registered with SEBI and would be professionally run.
Highlights of the project
i.The approved projects include 26 projects in NCR, 27 projects in Mumbai, 10 projects in Bengaluru, 7 projects in Pune and 3 projects in Chennai. The remaining are spread across Tier 2 locations.
ii.Among these projects, the investments in 18 projects have been given final clearance and disbursement is at various stages across 7 residential projects. Applications from 353 stressed projects are under examination for provision of assistance.
iii.Employment opportunities for various skilled and semi-skilled labourers will be provided on the activation of these construction sites by the Special Window.
iv.The fund is also evaluating options to provide relief to approximately 15,000 home buyers in certain long-discontinued projects.
Recent Related News:
i.Government will launch a scheme under Pradhan Mantri Awas Yojana (PMAY) for migrant labour/urban poor to provide ease of living at affordable rent by Converting government funded housing in the cities into Affordable Rental Housing Complexes.
ii.Rs 6.16 lakh crore (trillion) has been approved so far under Pradhan Mantri Awas Yojana (Urban)– PMAY(U).