Finance Minister Nirmala Sitharaman on Monday handed over keys to homebuyers in the Mumbai Metropolitan Region (MMR) whose long-delayed residential projects were completed under the Special Window for Affordable and Mid-Income Housing (SWAMIH I) Investment Fund. The event, held as part of a post-budget interaction, marked a major milestone with the fund facilitating the completion of 50,000 homes across the country.

Homebuyers from projects including Avant Hillways, Vision Heights, and Shubham Trident received possession of their apartments, signaling the fund’s success in reviving stalled housing developments. The SWAMIH Fund, established in 2019 and managed by SBI Ventures Ltd., a subsidiary of the State Bank of India, was designed to provide last-mile financing to stressed and brownfield residential projects.

Speaking at the event, Sitharaman emphasized the government’s commitment to addressing housing sector challenges. “The SWAMIH Fund has played a crucial role in ensuring that thousands of families who had been waiting for their homes for years can now finally move in. This initiative reflects our dedication to reviving distressed projects and restoring confidence in the real estate sector,” she said.

Mr. Prem Prabhakar, Managing Director and CEO of SBI Ventures Ltd., underscored the impact of the fund, stating, “With the vision and support of the Government of India, this fund has enabled the completion of numerous housing projects, providing long-awaited relief to homebuyers.”

As India’s largest social impact fund for the real estate sector, SWAMIH operates under the sponsorship of the Ministry of Finance, addressing funding gaps and ensuring financial stability in the housing market. By targeting distressed projects, the fund is also stimulating credit growth and facilitating access to home loans, contributing to broader economic resilience.

The successful completion of 50,000 homes underlines SWAMIH’s role in stabilizing the real estate sector while supporting India’s economic recovery. The initiative continues to be a crucial mechanism for assisting homebuyers affected by stalled developments and driving inclusive growth in the housing market.

Also Read: budget expectations for real estate

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