SWAMIH Fund Emerges as a Game-Changer, Delivers 61,000 Homes from Stalled Projects Across India
India’s real estate sector has struggled for years with stalled housing projects. Thousands of families waited endlessly. EMIs continued. Rent never stopped. Confidence collapsed. However, the SWAMIH Fund has changed that reality.
By December 15, the Special Window for Affordable and Mid-Income Housing successfully completed over 61,000 homes across India. This achievement has not only unlocked homes but also rebuilt trust in the housing ecosystem.
Even more importantly, the fund now aims to deliver over one lakh homes, bringing relief to more than four lakh people nationwide.
Why the SWAMIH Fund Matters for Homebuyers
Homebuyers rarely fear buying a house. They fear delay. Unfortunately, stalled projects once dominated India’s housing narrative. Liquidity issues, legal disputes, and weak developer balance sheets halted construction across cities.
This is where SWAMIH stepped in.
The fund focuses on last-mile financing. It targets brownfield, RERA-registered affordable and mid-income housing projects that banks and NBFCs avoided earlier. Instead of abandoning these projects, it revived them.
As a result, construction resumed. Deliveries followed. Buyers finally received keys instead of excuses.
Massive Scale, Nationwide Impact
Scale defines SWAMIH’s success.
The fund currently supports more than 145 projects across 30 cities, making it the largest residential stress-resolution platform in India. This wide footprint ensures impact beyond metro cities and into emerging urban markets.
So far, it has:
- Delivered 61,000 homes across 110 projects
- Completed 7,000+ EWS rehabilitation units
- Unlocked ₹37,400 crore of capital across 127 projects
- Covered over 90 million sq ft of development
Notably, 44% of the portfolio includes LIG and MIG housing, directly supporting middle-class families.
Strong Execution and Financial Discipline
Execution separates intention from impact. SWAMIH proves that disciplined capital can solve stressed assets.
The fund fully committed its investible corpus before December 5, 2025, well within its investment period. This performance reflects tight governance, active asset management, and continuous oversight.
So far, SWAMIH has achieved:
- 55 full exits
- 44 partial exits
- Nearly 50% return of drawn capital to investors
The central government alone has already received ₹3,500 crore out of its ₹7,000 crore drawn capital. This balance between social responsibility and financial returns strengthens investor confidence.
Industry Perspective on SWAMIH’s Success
Real estate experts widely acknowledge SWAMIH’s role in stabilizing the market.
Sharing his view, Sanjeev Singh, Managing Director, SKJ Landbase, said:
The SWAMIH Fund has revived projects that many had written off. More importantly, it has restored buyer confidence, which remains the backbone of real estate growth. Timely execution and transparent funding have turned stress into opportunity.
His observation reflects the broader industry sentiment. Delivery restores trust. Trust revives demand. Demand fuels growth.
Economic Ripple Effects Beyond Housing
SWAMIH’s impact goes far beyond home delivery.
The revival of stalled projects has generated demand for:
- 20 lakh tonnes of cement
- 5.5 lakh metric tonnes of steel
Additionally, the fund has contributed nearly ₹6,900 crore to government revenues through GST, stamp duty, and statutory dues.
Employment also surged. SWAMIH projects have created over 36,000 jobs, including 3,500 permanent roles. These jobs support skilled workers, contractors, and local economies.
Clearly, housing revival stimulates multiple sectors at once.
SWAMIH Fund-2: The Road Ahead
Encouraged by strong results, the government announced SWAMIH Fund-2 in the Union Budget 2025–26. This new fund will operate as a blended finance facility, with contributions from the government, banks, and private investors.
Key highlights include:
- ₹15,000 crore corpus
- Target to complete another 1 lakh homes
- Faster resolution of stalled projects
This announcement signals long-term policy commitment. It reassures buyers that stalled homes will no longer remain neglected.
Addressing India’s Stalled Housing Challenge
A 2019 Propequity study estimated around 1,500 stalled projects involving 4.58 lakh homes, requiring ₹55,000 crore for completion. SWAMIH directly addresses this gap.
Managed by SBI Ventures Limited, the fund operates as a social impact investment platform. It prioritizes homebuyers who once paid both rent and EMIs without seeing progress.
Today, delivery replaces delay.
Final Takeaway
The SWAMIH Fund has transformed despair into delivery. By completing 61,000 homes and unlocking stalled capital, it has proven that structured funding and accountability can revive even the most stressed projects.
As SWAMIH Fund-2 begins its journey, India’s housing sector moves closer to stability, transparency, and sustainable growth.
