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Home Current Affairs

Reviving Stalled Real Estate Projects for Homebuyers

anirudhstoreplay@gmail.com by anirudhstoreplay@gmail.com
May 16, 2023
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What is the SWAMIH Investment Fund?

It is a government-backed fund launched in 2019 is established as a Category-II AIF (Alternate Investment Fund) debt fund registered with SEBI (Securities and Exchange Board of India). Sponsored by the Ministry of Finance, it is managed by SBICAP Ventures Ltd., a company within the State Bank Group.

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Eligibility Criteria:

  1. To qualify for SWAMIH funding, the real estate projects must have stalled due to a lack of adequate funds and be registered under the Real Estate (Regulation and Development) Act (RERA).
  2. These projects must be in their final stages of completion and fall under the ‘Affordable and Middle-Income Project’ category, which includes any housing project where the housing units do not exceed 200 sq.m.
  3. SWAMIH funding is also available for net-worth positive projects. Net-worth positive projects are those where the total value of the receivables (debts owed to them by buyers) and the unsold inventories is greater than their completion costs and outstanding liabilities.

Objective:

  1. The objective of SWAMIH is to provide financial support to facilitate the completion of housing projects that have been stalled, thereby ensuring the timely delivery of apartments to homebuyers.
  2. The fund aims to address liquidity challenges in the real estate sector and contribute to the growth of core industries such as cement and steel by unlocking funds for stalled projects.

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