The first stalled project under Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund was completed and the key were handed over to the buyers virtually.
Context
The first stalled project under Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund was completed and the key were handed over to the buyers virtually.
About the SWAMIH Fund
- This special window is known as the “SWAMIH Investment Fund I”.
- It works in the form of an alternative investment fund.
- It is Rs 25,000 crore, fund to help complete over the stalled housing projects.
- It was started in 2019.
- Administration: The Department of Economic Affairs under the Ministry of Finance administers the scheme.
- Need: Many real estate projects across the country were stalled due to fund crunch as they were not getting any fund from banks and industries.
Significance: SWAMIH Fund I will benefit 1.16 lakh Indian families.
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- It will provide employment to construction workers.
- It will give impetus to the allied industries such as steel and cement.
- It will improve portfolios of banks and NBFCs.
- It will help to significantly improve the economic sentiments of the nation.
- Management: The investment manager of the fund is SBICAP Ventures Ltd.
- It is an asset management company which is a wholly-owned subsidiary of SBI Capital Markets Ltd,.
