• PM recently congratulated the new home owners in Bengaluru’s first project under SWAMIH Fund.

ABOUT SWAMIH FUND

• SWAMIH stands for Special Window for Affordable and Mid-Income Housing.
• It is India’s largest social impact fund specifically formed for completing stressed and stalled residential projects.
• The fund is sponsored by the Ministry of Finance and is managed by SBICAP Ventures Ltd.
  • SBICAP Ventures Limited is a wholly-owned subsidiary of the State Bank of India.
• It has one of the largest domestic real estate private equity teams focused only on funding and monitoring the completion of stressed housing projects.
• It is a Category-II AIF (Alternate Investment Fund)debt fund registered with the Securities and Exchange Board of India (SEBI).

Net-worth positive projects are those projects for which the value of their receivables (debts owed to them by buyers), plus the value of their unsold inventories is greater than their completion costs and outstanding liabilities.

ELIGIBILITY

• The real estate projects seeking last-mile funding from SWAMIH must be RERA-registered projects which have been stalled due to a lack of adequate funds.
• They must also fall under the ‘Affordable and Middle-Income Project’ category. These include
  • projects in which the flats do not measure more than 200 square metres in carpet area and are priced as below:
    • Upto INR 2 crore in the Mumbai Metropolitan Region
    • Upto INR 1.5 crore in the National Capital Region, Chennai, Kolkata, Pune, Hyderabad, Bangalore and Ahmedabad
    • Upto INR 1 crore in the rest of India.
  • Net-worth-positive projects are also eligible for SWAMIH funding.
  • Finally, each of these projects must be very close to completion.