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SWAMIH Investment Fund I

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

SWAMIH was announced 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.

Real estate projects in the country have been suffering due to significant changes in the real estate sector. Incremental launches and slow sales have increased unsold inventory which was further impacted by shifting of customer’s preference towards completed projects rather than under-construction projects to avoid the project completion risk. The problem was further aggravated by drying up of funding and liquidity for the sector as lenders scaled back their real estate exposure.

The above problems led to homebuyers being stuck in projects for years and caused pain and disappointment that their homes were not constructed. The delay also resulted in mounting rent and home loan interest payments. Distressed homebuyers and developers approached the government for a solution to the stressed real estate sector.

A study by Propequity commissioned by SBICAP Ventures Ltd in 2019, had estimated that about 1,500 projects with 4.58 lakh housing units were stalled/stressed and required aggregate funding of INR 55,000cr to complete the stalled projects

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 has achieved its first close with capital commitment of INR 10,037.5 cr and its final close with capital commitment of INR 15,530cr on December 06, 2022

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 has 30+ investment professionals, with an average of 15 years of industry experience. One of the largest investment teams in India on the buy side.

SWAMIH Fund has delivered 20,000+ homes (as on 31, December 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.