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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.

Request for Proposal (RFP) for service for consultation, development, and implementation of technology platform

  • SBICAP Ventures Limited is seeking the services of a vendor to assist the SWAMIH Fund in developing a database management system (DBMS), and the process improvement technology platform.
  • The vendor will work closely with our team to define the scope, process flow, technology stack, security features, testing methodologies, scalability plan, modularity, interoperability, and conduct testing of the system.
  • The vendor will work for development, implementation, training, and maintenance of the technology platform as per the requirements finalized.
  • The development of platform shall be done using the MS Power Aps environment.

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 32,000+ homes (as on April 30, 2024) and aspires to deliver 20,000 homes every year for next three years.

Success Stories

Amrapali group
Rivali Park
Asset Precious
Lodha Upper Thane
Pyramid Urban
Gem Paradise
SS Leaf
Elite Acres
MK Gabino
Zen Residences
The Marquise
Newa Bhakti Park
Upper East 97
Windspace Amelio
Flora Avenue
The Kalpak Homes