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

The Government of India has released Rs 2,646.57 crore to the SWAMIH Fund as of March 17, 2023. This was said in a written reply to a question in Lok Sabha today by Union Minister of State for Finance Shri Pankaj Chaudhary.

The Minister went on to say that as of March 17, 2023, the SWAMIH Fund had supplied approximately 22,500 homes.

Giving more details, the Minister stated that SWAMIH provides funding to stressed/ stalled mid income and affordable housing projects across India, who 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 a 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 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 following (as applicable):
  • Less than INR 2 crore in Mumbai Metropolitan Region;
  • Less than INR 1.5 crore in National Capital Region, Chennai, Kolkata, Pune, Hyderabad, Bangalore and Ahmedabad;
  • Less than INR 1 crore in the rest of India;

The Ministry of Finance conducts quarterly reviews of the fund’s operations and receives regular information from the fund’s Investment Manager, according to the Minister.