Indian Economy News

SWAMIH Fund delivers over 22,500 homes as on March 17, 2023

In a written reply to a question in Lok Sabha, the Union Minister of State for Finance Mr. Pankaj Chaudhary stated that as on March 17, 2023, the Government of India has released an amount of US$ 321.9 million (Rs. 2,646.57 crore) to the Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund. The Minister further added that as on March 17, 2023, the SWAMIH Fund has delivered over 22,500 homes.

SWAMIH provides funding to stressed/ stalled mid-income and affordable housing projects across India, that satisfy the following criteria:-

• At least 90% of the available Floor Space Index (FSI)/ Floor Area Ratio (FAR) is being developed as Affordable Housing units or Mid-Income Housing units.
• Is net worth positive.
• Is part of RERA registered projects; has incurred at least 30% of the project costs; and requires last mile funding, sufficient to complete the project.
• The capital provided by the Fund shall have a senior charge (except in cases where a regulatory authority holds the first charge) over the portion of the project for which the funding shall be used.
• Affordable or Mid-income Housing units have been defined as any housing units that do not exceed 200 sqm RERA carpet area and are priced as follows (as applicable):
  • Less than US$ 2,43,331 (Rs. 2 crore) in Mumbai Metropolitan Region;
  • Less than US$ 1,82,498.25 (Rs. 1.5 crore) in National Capital Region, Chennai, Kolkata, Pune, Hyderabad, Bangalore and Ahmedabad;
  • Less than US$ 1,21,665.50 (Rs. 1 crore) in the rest of India;

The Minister also stated that the Ministry of Finance carries out a periodic review of the functioning of the fund and obtains regular updates on the functioning of the fund from the Investment Manager of the fund.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.