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The government-backed SWAMIH fund has enabled the completion of more than 61,000 homes in stalled residential projects across India up to mid-December last year. Spread across 110 projects in around 30 cities, the initiative has primarily supported affordable and mid-income housing developments that were stuck due to funding and execution challenges. With investments exceeding INR 37,400 crore across 127 projects, the fund has helped restore buyer confidence, supported employment generation, and contributed significantly to government revenues through taxes and duties.
The Special Window for Affordable and Mid-Income Housing (SWAMIH) fund has played a key role in reviving stalled residential projects, leading to the completion of more than 61,000 housing units across the country up to mid-December last year, according to information shared by the finance ministry. The fund was set up to provide last-mile financing to projects that were delayed due to financial stress, weak cash flows, or pending approvals, leaving thousands of homebuyers waiting for possession. Advertisement
These completed homes are part of 110 residential projects located in nearly 30 cities. A significant portion of these units falls under affordable, mid-income, rehabilitation and Economically Weaker Sections (EWS) housing, with over 7,000 homes delivered specifically in rehabilitation and EWS categories. Many of these projects had been stalled for several years, and their completion has provided long-pending relief to buyers.
Overall, SWAMIH has sanctioned investments of more than INR 37,400 crore across 127 stalled housing projects, covering over 90 million square feet of residential development. Nearly 44 percent of the total development area supported by the fund is focused on affordable and mid-income housing, reinforcing its core objective of addressing end-user demand rather than speculative development.
Beyond housing delivery, the fund's interventions have had wider economic impact. Construction activity across these projects has generated employment for an estimated 36,000 people, including around 3,500 permanent jobs. The revival of stalled sites has also boosted demand for building materials such as cement, steel, and allied services. Additionally, the projects supported by SWAMIH have contributed approximately INR 6,900 crore to central and state governments through GST, stamp duty, registration charges and other statutory payments.
By early December last year, the fund had fully committed its entire investible corpus ahead of the scheduled investment period. It has also achieved multiple full and partial exits from projects, indicating steady progress in asset resolution and capital recovery. SWAMIH is currently considered the largest stress resolution platform focused solely on residential real estate in the country.
Recognising the impact of the first fund, the government announced the launch of a second SWAMIH fund in the Union Budget for 2025-26. The new fund will have a proposed corpus of INR 15,000 crore and is expected to support the completion of an additional one lakh homes. The second fund will follow a blended financing structure involving government support along with contributions from banks and private investors.
Source PTI
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