WHY IN NEWS?
- The government of India’s SWAMIH (Special Window for Affordable & Mid-Income Housing) Fund has completed its first residential project in Mumbai.
About SWAMIH Fund:
- SWAMIH Fund is a government-backed investment fund set up in the year 2019.
- Purpose: The fund was formed to provide relief to developers that require funding to complete a set of unfinished projects. Consequently, it will also ensure the delivery of homes to the home-buyers.
- Type: The fund has been set up as a Category-II AIF (Alternate Investment Fund) debt fund registered with SEBI.
- Investment manager:The Investment Manager of the Fund is SBICAP Ventures, a wholly-owned subsidiary of SBI Capital Markets. This in turn is a wholly-owned subsidiary of the State Bank of India.
- Sponsor: The Sponsor of the Fund is the Secretary, Department of Economic Affairs, Ministry of Finance, on behalf of the Government of India.
- Criteria for Funding of Projects: The funding shall be provided to the projects that meet the following criteria:
- Stalled for lack of adequate funds
- Affordable and Middle-Income Category
- Net worth positive projects (including NPAs and projects undergoing NCLT proceedings)
- RERA registered
- Priority for projects very close to completion.
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