SWAMIH Fund Successfully Completes Over 61,000 Homes in Stalled Projects Across India

The Special Window for Affordable and Mid-Income Housing (SWAMIH), a government-backed stress fund, has completed over 61,000 homes in stalled projects by December 15. The finance ministry stated that the fund aims to deliver over 1 lakh homes, benefiting more than 4 lakh people. This initiative reflects strong deal execution and disciplined capital deployment.

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SWAMIH has fully committed its investible corpus before the investment period ends on December 5, 2025. The fund's portfolio includes over 145 projects across 30 cities, making it the largest residential-focused stress resolution platform in India. As of December 15, 2025, approximately 61,000 homes have been delivered across 110 projects, including over 7,000 units under rehabilitation or for Economically Weaker Sections (EWS).

SWAMIH Fund's Impact on Housing and Employment

The SWAMIH Fund has unlocked Rs 37,400 crore of capital across 127 projects nationwide. Over 90 million square feet of area is under development, with 44% comprising Low-Income Group (LIG) and Middle-Income Group (MIG) housing. The fund has generated over 36,000 skilled and unskilled jobs, including 3,500 permanent positions.

In addition to housing development, the fund has contributed an estimated Rs 6,900 crore in revenues to the Centre and states through GST, government dues, and stamp duties. The revival of stalled projects has also increased demand for construction materials such as cement and steel.

Financial Prudence and Future Plans

SWAMIH has returned nearly half of the drawn capital to investors, highlighting its ability to balance social impact with financial prudence. It has already returned Rs 3,500 crore out of the Rs 7,000 crore drawn from the central government. On February 1, 2025, Union Finance Minister Nirmala Sitharaman announced the establishment of SWAMIH Fund-2.

This new fund will be a blended finance facility with contributions from the government, banks, and private investors. With a corpus of Rs 15,000 crore, it aims to expedite the completion of another 1 lakh housing units. A study by Propequity in 2019 estimated that around 1,500 projects with 4.58 lakh housing units were stalled or stressed.

Management and Governance

The SWAMIH Investment Fund is managed by SBI Ventures Limited, a subsidiary of State Bank of India. It operates as a social impact investment platform providing last-mile funding to distressed residential projects. These include those affected by legal challenges or weak developer balance sheets.

The fund raised an aggregate corpus of Rs 15,531 crore with participation from the central government, PSU Banks and LIC. It provides priority debt financing to stressed brownfield and RERA-registered affordable and mid-income housing projects. This eases the financial burden on middle-class families paying both EMIs and rent due to project delays.

SWAMIH's management involves strong governance standards and active asset management. This approach has resulted in 55 full exits and 44 partial exits from investments. The initiative underscores its commitment to resolving stalled housing projects while maintaining financial discipline.

With inputs from PTI