SWAMIH Fund

Subject – Economy

Context – SWAMIH Fund exit from investment in Mumbai’s housing project and its impact

Concept –

The government-backed Special Window for Affordable & Mid-Income Housing (SWAMIH) Fund has announced complete exit from its investment made in CCI Rivali Park Wintergreen project in Mumbai.
The fund was set up last year to provide last mile funding to stuck affordable housing projects.
According to the Finance Ministry, SWAMIH has given final approval to 95 projects sanctioning more than Rs 9,500 crores which will complete over 57,700 homes. It has already completed over 1,500 homes in seven projects and is on track to complete at least 10,000 homes every year.

About the SWAMIH Fund:

This is a government backed fund that was set up as a Category-II AIF (Alternate Investment Fund) debt fund registered with SEBI, launched in 2019.
SWAMIH Investment Fund was formed to complete construction of stalled, RERA-registered affordable and mid-income category housing projects which are stuck due to paucity of funds.
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, on behalf of the Government of India.