The creditable performance by government  – backed  Rs 25000 crore  SWAMIH Fund along with other private distress funds to kick start stalled housing projects, is helping residential realty to gain its foothold. 

The government’s Alternative Investment Fund (AIF), known as Special Window for Completion of Construction of  Affordable and Mid Income Housing (SWAMIH) projects, is meant to help 1.16 lakh families get their homes. This AIF, with Rs 12500 crore of government funding and option to raise additional Rs 12500 crore of private funding , has already committed Rs 17000 crore for 213 projects.  More recently, it has offered Rs 200 crore of last mile financing to stuck housing projects  in Mumbai, Thane and Jaipur. Over all, it is targeting to complete 25 stressed housing projects over a year, delivering over 12600 units. SWAMIH Fund has triggered last mile funding  by private players. These companies have lined up Rs 2000 crore for stalled housing projects in Key residential markets of NCR, Mumbai Bengaluru and Pune.

Says Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global and Chairman, Assocham National Council on Real Estate, Housing and Urban Development, “In the Covid- hit residential market where home buyers are still shy of investing in under construction projects, SWAMIH Fund and other private AIFs are contributing to raise the confidence of home buyers which will help hasten the recovery of residential real estate”.