SWAMIH Fund Achieves Major Milestone: 50,000 Homes Completed for Stressed Homebuyers

Homebuyers waiting for possession received a big relief when Finance Minister Nirmala Sitharaman on Saturday handed over keys to beneficiaries of long-stuck residential projects in the Mumbai Metropolitan Region (MMR). The event was organized as part of the post-budget interaction and marked the sanction of 50,000 homes under the Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund.

Homebuyers of projects like Avant Hillways, Vision Heights and Shubham Trident were among those who were lucky and finally got the keys to their long-delayed houses. These projects had become stalled due to financial distress but have now been successfully revived with funding from SWAMIH.

The SWAMIH Fund, launched in 2019, is a government-backed initiative under the Ministry of Finance, managed by SBI Ventures Ltd., a subsidiary of the State Bank of India Group. The program was aimed at aiding stressed and brownfield residential projects so they may be completed and handed over to homebuyers.

In his address at the event, Prem Prabhakar, MD & CEO of SBI Ventures Ltd. said, “With the vision and support of the Government of India, the SWAMIH Fund has played a pivotal role in reviving stalled housing projects. Thousands of these families can now finally move into their own homes.”

The initiative is not just helping homebuyers but is also boosting the housing sector in India by restoring credit flow, growing home loan availability, and generating economic growth.

The 50,000 homes completed milestone is a long-awaited relief to the buyers and has restored the buyer confidence in the real estate sector under SWAMIH.