SWAMIH Scheme India: Fund Structure, Eligibility, Achievements

SWAMIH Scheme is a targeted policy initiative by the Government of India aimed at addressing delays in residential real estate projects. Housing plays a central role in India’s urban development, economic activity, and social wellbeing. However, many affordable housing projects in India and mid-income housing projects in India have faced delays due to financial constraints.

To address this issue, the government launched the Special Window for Affordable and Mid-Income Housing (SWAMIH) in 2019. The scheme focuses on providing last mile financing housing India projects that are close to completion but lack sufficient funds to finish construction. By enabling the completion of stalled housing projects India, the SWAMIH scheme India supports homebuyers, stabilizes the real estate sector, and strengthens the broader housing sector policy India.

What is the SWAMIH Scheme?

The SWAMIH Scheme stands for Special Window for Affordable and Mid-Income Housing Investment Fund. It is a government-backed investment fund created to provide financial support for completing stalled housing projects India.

Rather than funding new projects, the SWAMIH fund housing projects focuses on developments that are already under construction but delayed due to lack of funds.

The scheme aims to:

• Complete affordable housing projects India and mid-income housing projects India
• Protect the interests of homebuyers waiting for possession
• Strengthen confidence in the SWAMIH fund India housing sector
• Support construction activity and allied industries
• Contribute to real estate revival India

The initiative reflects a shift toward outcome-based infrastructure support, where success is measured by completed homes delivered to buyers.

Need for SWAMIH Fund

Before the introduction of the SWAMIH Scheme India, a large number of residential projects remained incomplete. A study commissioned by SBI Ventures found that:

• Around 1,509 housing projects were stalled in India
• These projects involved approximately 4.58 lakh housing units
• Around ₹55,000 crore was required to complete them
• Nearly 90% of these projects were in the affordable and mid-income housing segments

Many of these developments were RERA registered housing projects India, while some were undergoing insolvency proceedings, including NCLT real estate projects India. The SWAMIH fund housing projects was introduced to unlock liquidity and ensure these developments could be completed.

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Structure of SWAMIH Fund

SWAMIH fund India housing sector operates as a government-supported investment platform designed to finance stalled residential projects. Key structural features include:

• Government of India acts as the Sponsor
• Oversight by the Department of Economic Affairs, Ministry of Finance
• Fund management by SBICAP Ventures Ltd., a subsidiary of the State Bank of India
• Registered as a Category-II Alternative Investment Fund (AIF) under SEBI regulations

The fund pools capital from the government, public sector banks, and financial institutions and provides priority debt financing to stalled residential developments.

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Eligibility Criteria for SWAMIH Funding

Projects seeking support under the SWAMIH Scheme India must meet specific eligibility conditions.

Project Stalled Due to Funding Constraints

Projects must have been delayed mainly due to lack of adequate funding.

RERA Registration

Only RERA registered housing projects in India are eligible for funding.

Affordable or Mid-Income Housing Category

Projects must fall under affordable housing projects India or mid-income housing projects India, defined as housing units with RERA carpet area up to 200 sqm and within the specified price limits.

Net Worth Positive Projects

Projects must be net worth positive, meaning receivables and unsold inventory exceed liabilities and completion costs.

Projects Nearing Completion

Priority is given to projects that are in advanced stages of construction.

Projects classified as Non-Performing Assets (NPAs) and certain NCLT real estate projects India may also be considered for funding.

Achievements of SWAMIH Fund

The SWAMIH fund India housing sector has delivered measurable outcomes since its launch.

As of 15 December 2025:

• 58,000+ homes completed
• 146 residential projects supported across 20 cities and 12 states
• More than 2.38 lakh people expected to benefit
• 30,000+ jobs generated in construction and related sectors

Additional outcomes include:

• Over ₹49,500 crore capital unlocked across supported projects
• More than 90 million square feet of development area covered
• Around 44% of housing units dedicated to Low-Income and Middle-Income Groups

These results demonstrate the scheme’s role in strengthening real estate revival India and restoring confidence among homebuyers.

SWAMIH Fund 2 Budget Announcement

To expand the initiative, the government announced SWAMIH Fund-2 in the Union Budget 2025-26. Key details include:

• SWAMIH fund corpus ₹15000 crore
• Blended finance model involving government, banks, and private investors
• Target to complete an additional 1 lakh housing units

The SWAMIH Fund 2 budget announcement aims to accelerate the completion of stalled housing projects India and support continued growth in the housing sector.

SWAMIH within India’s Housing Policy Ecosystem

The SWAMIH scheme India functions alongside several other India housing policy initiatives designed to expand housing access.

PMAY Urban Housing Scheme

The PMAY Urban housing scheme was launched in 2015 to provide pucca houses to eligible urban households, particularly in the EWS, LIG, and MIG categories.

PMAY-U 2.0 Housing Programme

The PMAY-U 2.0 housing programme aims to provide housing support to 1 crore additional families over five years beginning 1 September 2024, with an investment of ₹10 lakh crore.

Affordable Rental Housing Complexes (ARHC)

The affordable rental housing complexes ARHC initiative provides rental housing solutions for migrant workers and urban populations through redevelopment and new construction.

Within this ecosystem, the SWAMIH fund housing projects specifically focuses on completing stalled residential developments.

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