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The Special Window for Completion of Affordable and Mid-Income Housing Investment Fund, also known as SWAMIH Investment Fund, which was entrusted with supporting stalled projects around the nation, has completed 23000 homes since its introduction.
By the end of 2023, the 43000 homes that have already been delivered across Tier 1 and 2 cities are expected to be completed by the Rs 15530 crore Fund, which is supported by the government and managed by SBICAP Ventures Ltd.
For 131 stalled projects, the fund has granted final approval and released 35879 crores in funds. The 13600 crores of rupees have been committed to 131 stalled projects.
These figures are based solely on current approvals. We have a very high degree of confidence, and it will continue to rise as we approve additional funding for new agreements, according to SWAMIH Investment Fund Chief Investment Officer Irfan A. Kazi.
In addition to the Mumbai Metropolitan Region (MMR), the National Capital Region (NCR), Pune, Hyderabad, Bengaluru, and Chennai, among others, he claimed that these projects are spread across more than 30 cities, including Amravati, Amritsar, Coimbatore, Dehradun, Jaipur, Jodhpur, Meerut, Nagpur, Nasik, Thrissur, and Vizag.
SWAMIH is still accepting new projects that fall under RERA. We don’t make a distinction between Tier 1 and Tier 2 cities; therefore, that is the only way we are unique. We provide funding to all cities, he claimed.
The fund is still assessing other deals. The fund can commit to new projects through December 2024. And we have a deal flow, which we are examining. Approximately 179 projects have received preliminary approval. As a result, some of those projects are undergoing due diligence and will eventually receive final approval.
Approximately 1.1 lakh units have received preliminary approval from the fund so far, and 83,000 have received final approval, he said. The Fund has so far closed deals on roughly 1.91 lakh units; however, given that not all preliminary approvals will be given final approval, only about 1 lakh housing units will really be completed.
We expect them to be finished in the next five years or so. And as for a goal, I believe we will be closer to maybe 1 lakh units, he remarked. The Fund has demonstrated that it is feasible to invest in projects that are stuck and still return your investments after the projects are finished.