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SWAMIH Investment Fund I

SWAMIH INVESTMENT FUND I - Special Window for Affordable and Mid-Income Housing

SWAMIH was setup on 6th November 2019 by the Finance Minister Smt.Nirmala Sitharaman. The Union Cabinet cleared a proposal to set up a ‘Special Window’ in the form of AIF to provide priority debt financing for completion of stalled housing projects. SBICAP Ventures was assigned the role of Investment Manager for this special window.

Several real estate projects have suffered due to a combined effect of two changes in the real estate sector. On one hand, incremental launches and slow sales have increased unsold inventory in each project while that effect has then got compounded by the fact that consumer preference is now towards completed projects rather than under construction projects. This preference has developed as consumers are largely avoiding taking project completion risk and instead are more inclined to completed projects. In our market study, it has been estimated that, in the stalled category, there are about 4.58 lakh housing units and the aggregate funding required to complete the stalled projects is INR 55,000cr.

SWAMIH Investment Fund I have the mandate

  • to complete construction of stalled, brownfield, RERA registered residential developments
  • in the affordable housing / mid-income category,
  • are net worth positive and require last mile funding to complete construction.

The target corpus of the Fund was INR 12,500cr with a green shoe option of INR 12,500cr. The Fund achieved a first closing with 14 investors and a capital commitment of INR 10,037.5cr on December 06, 2019.

The Sponsor of the Fund is the Secretary, Department of Economic Affairs, Ministry of Finance, Government of India on behalf of the Government of India.

Currently the Fund is managed by investment professionals with combined work experience of 409 years.

SWAMIH Fund has delivered 11,400+ homes (as on Jun 2022) and aspires to deliver 20,000 homes every year for next three years.

Success Stories

Swamih Investment Fund – Rivali Park

Rivali Park Wintergreens is a residential development with total saleable area of 10.8L Sq ft and 708 units Project being developed by CCI Projects Pvt Ltd promoted by Mr. Hiten and Rohan Khatau

Swamih Investment Fund - Amrapali group

Amrapali Group went into financial distress around 2016-2017. Owing to the large number of affected home buyers, the Hon’ble Supreme Court of India took suo-moto cognizance of the matter and initiated proceedings in 2019.