The SWAMIH Fund has been introduced to benefit homebuyers who have been affected by stalled real estate projects. With almost 1,981 projects and 5.08 lakh units stalled across 42 cities, the fund aims to provide relief to both buyers and developers.
Managed by SBICap Ventures, the fund has been created with a target corpus of Rs 25,000 crore and aims to revive stalled projects by providing last-mile funding. This will not only help in the completion of these projects but will also ensure that homebuyers receive possession of their units.
The SWAMIH Fund will particularly benefit homebuyers in tier I and tier II cities, where the majority of stalled projects are located. By providing financial support to developers, the fund will enable them to finish construction work and hand over possession to buyers.
In addition to helping distressed homebuyers, the fund will also have a positive impact on the real estate market by reducing the inventory of unsold units. This will help in stabilizing prices and boosting investor confidence in the sector.
Overall, the SWAMIH Fund is a crucial step towards resolving the ongoing issue of stalled real estate projects and providing relief to homebuyers who have been caught in the midst of uncertain timelines and delays. As the fund continues to support projects across various cities, it is expected to bring much-needed stability to the real estate sector and benefit both buyers and developers in the long run.
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