SWAMIH Fund has assisted in the completion of 28,000 homes since 2019

Description

Since its commencement in 2019, the Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund, which is sponsored by the central government, has helped to complete over 28,000 homes. The fund, managed by SBICap Ventures Ltd, has also helped to build a number of auxiliary industries in the real estate and infrastructure sectors.

Recent Context

India's real estate business has faced issues such as a liquidity constraint, project delays, and halted projects. The SWAMIH Fund was established to offer last-mile funding to stalled housing projects, with the goal of revitalizing the industry and ensuring prompt delivery of homes to customers.

Impact On Home Completion

According to the National Real Estate Development Council (NAREDCO), the SWAMIH Fund has contributed to the completion of approximately 28,000 dwellings across various projects since its launch in 2019. The fund has offered critical financial help to developers, allowing them to complete stalled projects and deliver homes to customers.

60,000 Homes Are Projected To Be Delivered

The SWAMIH Fund is expected to help provide an additional 60,000 houses over the following three years. This projection demonstrates the fund's ongoing commitment to assisting the real estate sector and ensuring that more homeowners obtain their residences in a timely way.

Unlocking Liquidity In The Ancillary Industries

The SWAMIH Fund has not only aided in the completion of homes, but has also played an important role in the expansion of many ancillary enterprises in the real estate and infrastructure sectors. NAREDCO reports that the fund has liberated about Rupees 35,000 crore in cash for these businesses.

The SWAMIH Fund has supported ancillary businesses such as construction materials, cement, and steel, among others. The influx of liquidity has enabled these industries to continue operations, maintain employment, and contribute to the overall expansion of the economy.

Reduced Housing Inventory Overhang

A collaborative analysis by property consultancy Anarock and industry group NAREDCO discovered that the housing inventory overhang has decreased significantly over the last ten years. The pan-India housing inventory overhang was 15 months by the end of 2023, a significant decline from the peak of 41 months in 2017.

The decrease in housing inventory overhang can be ascribed to a number of factors, including the SWAMIH Fund's assistance in finishing stalled projects and increased demand for housing in the post-pandemic period.

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