NEW DELHI: The federal government is ready to launch SWAMIH-2 Fund, a Rs 15,000-crore initiative geared toward serving to practically 100,000 middle-class homebuyers full their stalled housing tasks. This follows the success of SWAMIH-1, which has already accomplished 55,000 dwelling items. The federal government has allotted Rs 1,500 crore as seed capital in Funds 2025-26 for this goal.The brand new fund will work considerably like its predecessor, offering last-mile funding for caught residential tasks , however are commercially viable. It is going to assist homebuyers who proceed paying EMIs however have not obtained their flats attributable to stalled development.SWAMIH was first launched in November 2019 as a stress fund. It operates as an Various Funding Fund (AIF) managed by SBI Ventures, with the financial affairs secretary because the fund’s sponsor. The fund particularly targets inexpensive and mid-income housing tasks which might be RERA-registered.The present SWAMIH Fund-1 has raised Rs 15,530 crore and goals to finish one other 30,000 houses within the subsequent 3-4 years. It employs 30 funding professionals who common 15 years of business expertise.What makes SWAMIH distinctive is its position as a last-resort lender. It considers tasks from varied builders, together with first-timers, established builders with troubled tasks, these with poor observe data, and even tasks concerned in litigation.The necessity for such funding got here to gentle after a research by PropEquity in 2019 cited by PTI. As many as 1,500 tasks comprising 458,000 housing items have been caught or distressed and wanted Rs 55,000 crore to finish the development.The federal government is at the moment finalizing the main points of SWAMIH-2. As soon as the nod is given, the physique will begin its operation to deliver succor to stranded homebuyers and revive stalled housing tasks throughout the nation.
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