SWAMIH Investment Fund announces 1st complete exit from investment made for construction of housing project in Mumbai
Union Government’s Special Window for Affordable and Mid-Income Housing-SWAMIH Investment Fund has announced its first complete exit from an investment made for construction of a housing project in Mumbai. The fund has achieved it’s twin targets of completing the project and redeem its investment successfully. The residential project – Rivali Park, located in suburban Mumbai, was the first housing project in the country to have received funding under the SWAMIH Fund. The SWAMIH Fund was launched by the Union Finance Minister Nirmala Sitharaman in November 2019.
Ministry of Finance said that the project was launched in 2010 and got stalled due to lack of funds and there was no hope for desperate homebuyers until SWAMIH investment in February 2020. It said, the project received occupation certificate in April 2021 despite two COVID lockdowns. The Ministry said that SWAMIH has given final approval to 95 projects sanctioning more than 9,500 crore rupees which will complete over 57 thousand 700 homes. It has already completed more than 1,500 homes in seven projects and is on track to complete at least ten thousand homes every year.
SWAMIH is now India’s largest social impact fund. This SBICap Ventures-managed Fund has one of the largest domestic real estate private equity teams focused only on funding and monitoring completion of stressed housing projects. The Ministry said that the construction focus ensures that SWAMIH sites have the highest worker density with almost over 16 thousand labourers. It has worked through COVID times to approve one new project almost every week since inception.