CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The SWAMIH Fund 2.0 has been launched to tackle the challenges in India's real estate sector. Announced by the Union Finance Minister, a budget of Rupees 15,000 crore has been allocated to support the completion of one lakh housing units. This initiative aims to revive various housing projects that have been delayed due to financial constraints, helping address issues like unsold inventory and shifting consumer preferences in the market.
About SWAMIH Fund
The SWAMIH Fund, introduced in 2019, is a government-backed initiative designed to offer debt financing to distressed residential real estate projects. Managed by SBICAP Ventures Ltd, a subsidiary of the State Bank Group, the fund serves as a last-resort solution for developers struggling with financial difficulties. It focuses on projects facing delays due to legal issues or poor past performance.
Funding And Impact
The first phase of the SWAMIH Fund raised around Rupees 15,500 crore. The fund primarily targets RERA-registered residential projects within the affordable and mid-income categories that are financially sound but need final-stage funding. Over 50,000 units have been completed thanks to the fund, and an additional 40,000 units are expected to be finished by 2025.
Stalled Housing Projects In India
As of August 2024, nearly 1,981 real estate projects across 42 cities have been stalled, affecting more than 5.08 lakh units. Greater Noida has the largest number of stalled units among Tier I cities, followed by Thane and Gurugram. In Tier II cities, Bhiwadi leads. Notably, Delhi-NCR accounts for 44% of stalled units in Tier I cities, with about 1.92 lakh units across 495 projects.
Benefits For Homebuyers
The SWAMIH Fund aims to provide relief to homebuyers struggling with both EMIs and rent payments. Successful projects, such as those by the Amrapali Group, highlight the fund's ability to address issues effectively. Completing stalled projects will not only assist homebuyers but also boost economic activity in the housing sector.
Future Prospects And Challenges
The launch of SWAMIH Fund 2.0 brings renewed optimism for the real estate market. Experts suggest that collaborating with reputable developers can help speed up project completion. The fund's new allocation is expected to resolve liquidity problems and restore confidence in both buyers and developers.
Government Initiatives
Alongside the SWAMIH Fund, the government is also working on digitising land records to improve transparency and strengthen buyer confidence. This, combined with the SWAMIH Fund, is expected to enhance the overall stability and growth of the real estate sector.
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