SWAMIH

SWAMIH

Subject : Government Schemes

Context : Union Minister for Finance & Corporate Affairs handed over possession to homebuyers as Government of India’s Special Window for Affordable & Mid-Income Housing (SWAMIH) completes its first residential project.

Concept :

• The residential project — Rivali Park in suburban Mumbai — is the first housing project in India to have received funding under the SWAMIH Fund.

About SWAMIH Fund:

• The SWAMIH Fund was launched by Sitharaman in November 2019.
• SWAMIH Investment Fund has been formed to complete construction of stalled, RERA-registered affordable and mid-income category housing projects which are stuck due to paucity of funds.
• The fund was set up as a Category-II AIF (Alternate Investment Fund) debt fund registered with SEBI.
• The Investment Manager of the Fund is SBICAP Ventures, a wholly-owned subsidiary of SBI Capital Markets, which in turn is a wholly-owned subsidiary of the State Bank of India.
• The Sponsor of the Fund is the Secretary, Department of Economic Affairs, Ministry of Finance.

Who will be the investors of the fund?

• AIFs created/funded under the Special Window would solicit investment into the fund from the Government and other private investors including cash-rich financial institutions, sovereign wealth funds, public and private banks, domestic pension and provident funds, global pension funds and other institutional investors.