'SWAMIH fund helps deliver 61,000 flats across 110 housing projects'

A government-backed alternative investment fund, approved in November 2019 for extending last-mile financing to stalled housing projects, has enabled the delivery of about 61,000 flats across 110 projects, the finance ministry said on Thursday.

The Special Window for Affordable and Mid-Income Housing Investment (SWAMIH) Fund has also unlocked total capital of over ₹37,400 crore across 127 projects until December 15, 2025, the ministry said in a statement.

These 127 projects involved over 90 million square feet of area under development, of which 44% comprises housing for lower and middle income groups.


Similarly, of the flats delivered, 7,000 come under the rehabilitation and economically weaker sections category, meant for poor people.

The fund has also generated over 36,000 skilled and unskilled jobs, including 3,500 permanent jobs.

In addition, it has also contributed an estimated ₹6,900 crore in revenue to the central and state governments through goods and services tax, certain official dues and stamp duties.

The fund has also returned almost a half of the drawn capital to its investors. It has already returned roughly ₹3,500 crore out of the government's investment of about ₹7,000 crore so far. The fund has raised ₹15,531 crore in total, with participation from the government, state-run banks-including the State Bank of India (SBI)-and the Life Insurance Corporation (LIC).

The Cabinet had approved the fund to kick-start the investment cycle in residential projects and deliver homes to people facing the double whammy of undelivered flats and regular repayment of home loans.