Swamih Scheme - Launch Date, Benefits, Eligibility

By Saloni Dhumne

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Updated on: Feb 6th, 2025

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2 min read

On 1st Feb 2025, the Finance Minister announced the second instalment of the SWAMIH fund worth ₹15,000 crore, aiming to complete 1 lakh stalled housing units. The fund has raised ₹15,530 crore to provide priority debt financing for stressed, brownfield, and RERA-registered affordable and mid-income housing projects. So far, 50,000 homes have been delivered, with another 40,000 expected by 2025, easing the financial burden on middle-class families paying both EMIs and rent. The fund has sanctioned ₹12,000 crore across 130 projects, ensuring delayed housing developments are completed.

What is the SWAMIH Investment Fund?

Managed by SbiCap funds, the Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund is a social impact initiative dedicated towards reviving stalled residential projects. With the financial support the Ministry of Finance provides, the fund works as a last resort for distressed developments, such as those with legal challenges, NPAs, or weak developers. 

The funding ensures the project is completed, sales and collections are stalled, and overdue projects are returned. With one of the largest domestic real estate private equity teams, SWAMIH remains focused on financing and overseeing the timely delivery of affordable and mid-income housing.

SWAMIH Investment Fund Launch Date

The SWAMIH  Investment Fund was launched in November 2019. Having raised Rs. 15, 530 crores with an aim provide priority debt financing to stressed, brownfield, and RERA-registered affordable and mid-income housing projects the fund has already delivered 50,000 homes have been delivered, with another 40,000 expected by 2025.

Benefits of SWAMIH Investment Fund

The Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund plays a crucial role in reviving stalled real estate projects and ensuring homebuyers receive their delayed homes. 

The key benefits include:

  • Ensuring Home Delivery: Provides financial support to complete stalled, RERA-registered residential projects, enabling homebuyers to finally take possession of their long-delayed homes.
  • Supporting Homebuyers: Eases the burden on middle-class families who are struggling with both EMI payments and rent due to construction delays.
  • Reviving the Real Estate Sector: Helps restore consumer confidence by funding distressed projects, boosting property sales, and unlocking capital stuck in incomplete developments.
  • Creating Employment Opportunities: Accelerates construction activity, benefiting builders, contractors, workers, and suppliers, thus contributing to economic growth.
  • Reducing Financial Distress for Developers: Acts as a "lender of last resort" for developers facing financial struggles, legal disputes, or loan defaults.
  • Improving Banking Sector Stability: Prevents incomplete projects from turning into non-performing assets (NPAs), reducing bad loans in the banking system and improving liquidity in the financial sector. 

SWAMIH Investment Fund Eligibility 

A project is eligible for funding if it meets the following criteria:

  • It is stalled or at risk of stalling due to the lack of financial support.
  • At least 90% of the available Floor Space Index (FSI) or Floor Area Ratio (FAR) is designated for Affordable or Mid-Income Housing units.
  • The project has a positive net worth, meaning the value of sold receivables and unsold inventory exceeds the cost required to complete construction and service the Fund's investment.
  • A minimum of 30% of the construction and development work is already completed.
  • The project requires last-mile funding to complete construction.
  • The project is registered under the Real Estate Regulatory Authority (RERA).

SWAMIH Investment Fund Approved Projects

  • SWAMIH Fund Approved Projects:
  •  Amrapali Group Projects
  •  Rivali Park
  •  Asset Precious
  •  Lodha Upper Thane
  •  Pyramid Urban
  •  Gem Paradise
  •  SS Leaf
  •  Elite Acres
  •  MK Gabino
  •  Zen Residences
  •  The Marquise
  •  Newa Bhakti Park
  •  Upper East 97
  •  Windspace Amelio
  •  Flora Avenue
  •  The Kalpak Homes
  •  Mantri Serenity
  •  Naman Premier
  •  Paranjape Blueridge
  •  Taruchaya Residency

In conclusion, the SWAMIH Investment Fund is pivotal in revitalising stalled housing projects, particularly in the affordable and mid-income segments. Providing financial aid to troubled developers helps rebuild delayed homes and has them delivered to rightful owners, thus decreasing the financial burden faced primarily by middle-class families. 

This helps further to push the growth in the real estate sector, provide jobs, increase liquidity, and decrease the load on the banking system. As the fund continues to facilitate the completion of over 1 lakh housing units, it stands as a cornerstone in India’s journey toward providing affordable housing for all and driving economic growth.

Explore more about Union Budget 2025 for schemes!
Union Budget 2025: Full List of Schemes Announced By Finance Minister

Frequently Asked Questions

What is the RERA carpet area?

As per Clause (k) of Section 2 of RERA, Carpet Area refers to the net usable floor space within an apartment. It excludes the space occupied by external walls, service shafts, exclusive balconies, verandahs, and open terraces but includes the area covered by the apartment’s internal partition walls.

Is funding available only for certain cities?

As long as the project meets the eligibility criteria, the same can be located anywhere across the country. 

Can this funding be utilised to repay existing lenders?

This funding is strictly allocated for completing the stalled project and other purposes approved by the IC. It cannot be utilized to repay any existing debt related to the project.

Does the fund provide assistance to projects being developed by partnership firms or individuals?

The Fund mandates that an individual or partnership firm establish a new private limited company for project development. The expenses related to transferring assets to this company can be included in the project's overall cost for funding purposes. Once this is completed and the project meets the Fund's investment criteria, the necessary capital can be provided for its completion.

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About the Author

A former journalist by profession, I live by the power of the written word. Specializing in personal finance, I simplify wealth planning for individuals looking to grow their money effectively. Beyond my work, I eagerly seize any opportunity to travel, exploring offbeat destinations and embracing new experiences.. Read more

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