Swami Fund: The central government’s special window for affordable and middle-income housing, i.e. Swami Fund, helped in providing cash worth Rs 35,000 crore for such projects.
Image Credit source: File Photo
Housing Projects : The initiative of the central government seems to be very effective in completing the stalled housing projects across the country. The central government’s special window for affordable and middle-income housing, the SWAMIH Fund, helped in providing cash worth Rs 35,000 crore for such projects. Swami Investment Fund was formed to complete the construction of RERA registered affordable and middle income housing projects which are stalled due to paucity of funds.
The investment management of this fund is SBICAP Ventures, a wholly owned subsidiary of SBI Capital Markets. The sponsor of the fund on behalf of the Government of India is the Secretary, Department of Economic Affairs, Ministry of Finance.
How many residential projects got final approval
Due to the fund of Rs 15,530 crore of the Ministry of Finance, 130 housing projects have got the final approval so far and for this Rs 12,500 crore has been released from the fund.
20,557 houses have been completed so far
Due to the help from Swami Fund, 20,557 houses have been completed so far. Along with this, there is a target to complete the construction of 81 thousand houses under 130 projects in the next three years. SWAMIH Investment Fund was announced by Finance Minister Nirmala Sitharaman in September 2019 and approved by the Union Cabinet in November 2019.
