India govt invest over Rs 5,000 cr more in SWAMIH Investment Fund : The government of India has invested about ₹5,000 crore in the SWAMIH Investment Fund I and marking its final close at ₹15,530 crore. The last-mile financing platform Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects (SWAMIH I), set up under the Special Window for Affordable and Mid-Income Housing, This project aims to provide priority debt financing for the completion of stressed, brownfield and RERA registered residential projects.
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The fund is sponsored by the union finance ministry, and is managed by SBICap Ventures Ltd., a State Bank Group company. SBI is also one of the anchor investors of the fund along with Life Insurance Corporation of India (LIC). Other investors include HDFC Ltd and major nationalised banks.
“This round of capital infusion marks a big step in our journey to provide a much-needed boost to the real estate industry. We at SWAMIH Investment Fund I continue to closely monitor all construction spend to ensure that the capital is utilized only for completion of the project,” said Irfan A. Kazi, Chief Investment Officer, SWAMIH Investment Fund. “The fund has already achieved construction completion of 19,500 homes and is on track to deliver about 20,000 homes every year for the next 3 years.” Kazi in an interview said the fund has so far green-signaled 127 projects, across 30 cities, which would entail the completion of 79,000 homes over a period of time.
SWAMIH is a category II Alternative Investment Fund (AIF) which was announced by finance minister Nirmala Sitharaman in September 2019, and approved by the Cabinet in November 2019. The fund had received a commitment of ₹10,037.5 crore in its first close, on 6 December, 2019, where the government had committed a fund infusion of up to ₹5,000 crore.
