SWAMIH Investment Funds:
#GS III #Indian Economy
Topic Indian Economy
- In order to provide priority debt financing for the completion of stressed, brownfield, and residential projects that are approved by the Real Estate Regulatory Authority (RERA) and fall under the affordable, middle-income housing category, the Special Window Investment Fund for Affordable and Middle-Income Housing (SWAMIH) I have so far raised Rs 15,530 crore. More than 130 projects with fines totaling more than Rs 12,000 crore have received final approval from SWAMIH to date.
- To finish challenging and stalled residential projects, the Investment Fund for the Special Window for Affordable and Mid-Income Housing (SWAMIH) I social impact fund was established.
- The Indian Ministry of Finance provides funding for the Fund, which is administered by State Bank Group company SBICAP Ventures Ltd.
- Inexperienced developers, experienced developers working on difficult projects, developers with a track record of stalled projects, customer complaints, NPA accounts, and even projects with legal concerns are all taken into consideration by the fund.
- It is acknowledged as the project’s last-resort lender in cases of financial hardship.
Source The Hindu