SWAMIH Fund

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.