Budget 2025: Government announces SWAMIH Fund-2 to complete 1 lakh homes in stalled projects

Finance Minister Nirmala Sitharaman connected Saturday announced a caller Rs 15,000 crore 'SWAMIH Fund' for completion of 1 lakh units successful stalled lodging projects, a determination aimed astatine providing alleviation to homebuyers whose investments are stuck.

In November 2019, the Centre announced a accent money named 'Special Window for Affordable and Mid-Income Housing' (SWAMIH), to implicit stalled lodging projects crossed India. The money is being managed by SBICAP Ventures Ltd, a State Bank Group company.

Sitharaman, successful her fund speech, announced the SWAMIH Fund-2 pursuing the occurrence of the archetypal fund.

Under the SWAMIH Fund-1, the concern curate highlighted that 50,000 dwelling units successful stressed lodging projects person been completed and keys person been handed implicit to homebuyers.

Another 40,000 units volition beryllium completed successful 2025, further helping middle-class families who were paying EMIs (equated monthly installments) connected loans taken for apartments, portion besides paying rent for their existent dwellings, the concern curate said.

"Building connected this success, SWAMIH Fund-2 volition beryllium established arsenic a blended concern installation with publication from the government, banks and backstage investors. This money of Rs 15,000 crore volition purpose for expeditious completion of different 1 lakh units," Sitharaman said.

Under the SWAMIH Fund-1, Rs 15,530 crore has been raised truthful acold with an purpose to supply precedence indebtedness financing for the completion of stressed, brownfield and Real Estate Regulatory Authority (RERA) registered residential projects that autumn successful the affordable, mid-income lodging category.

Since the money considers first-time developers, established developers with troubled projects, developers with a mediocre way grounds of stalled projects, lawsuit complaints and NPA accounts, and adjacent projects wherever determination are litigation issues, it is considered arsenic the lender of past edifice for distressed projects.

A study, by information analytic steadfast PropEquity commissioned by SBI Ventures Ltd successful 2019, estimated that astir 1,500 projects with 4.58 lakh lodging units were stalled/stressed and required aggregate backing of Rs 55,000 crore to implicit the stalled projects.