How the SWAMIH Fund is safeguarding homebuyers, reviving stalled housing and strengthening economic growth
Reflecting disciplined capital deployment and strong execution, the fund has fully committed its entire investible corpus ahead of the close of its investment period on December 5, 2025.
New Delhi, January 9: The Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund has emerged as a key intervention in protecting homebuyers’ interests, reviving stalled housing projects and strengthening the broader economy, the government said on Thursday.
Launched in November 2019 following approval by the Union cabinet chaired by Prime Minister Narendra Modi, the SWAMIH Investment Fund is a government-backed initiative aimed at providing last-mile financing to stressed and stalled residential projects. The fund is supported by the Department of Economic Affairs, Ministry of Finance.
Reflecting disciplined capital deployment and strong execution, the fund has fully committed its entire investible corpus ahead of the close of its investment period on December 5, 2025. Its portfolio spans more than 145 projects across 30 cities, making SWAMIH the country’s largest residential-focused stress resolution platform. The fund is expected to deliver over one lakh homes, benefiting more than four lakh people.
Progress and impact
As of December 15, 2025, around 61,000 homes have been delivered across 110 projects, including more than 7,000 units under the economically weaker sections category. The fund has recorded 55 full exits and 44 partial exits, supported by strong governance standards, active asset management and rigorous oversight.
SWAMIH has unlocked over ₹37,400 crore of capital across 127 projects nationwide, covering more than 90 million square feet of development area. Nearly 44 per cent of this area comprises low-income and middle-income group housing. The revival of projects has generated over 36,000 jobs, including around 3,500 permanent positions.
The government said the fund has also contributed more than ₹6,900 crore in revenues to the Centre and states through GST, government dues and stamp duties. Construction activity triggered by project revival has created demand for over 20 lakh tonnes of cement and 5.5 lakh metric tonnes of steel, while projects under the fund have added more than 1.06 lakh trees as green cover.
Notably, the fund has returned nearly 50 per cent of the drawn capital to investors, demonstrating its ability to balance social impact with financial discipline. Of the approximately ₹7,000 crore drawn by the government, around ₹3,500 crore has already been returned.
The SWAMIH Investment Fund is managed by SBI Ventures Limited, a subsidiary of the State Bank of India, and operates as a social impact investment platform. It provides priority debt financing to stressed, brownfield and RERA-registered affordable and mid-income housing projects, including those impacted by legal issues, NPAs or weak developer balance sheets. The fund has raised an aggregate corpus of ₹15,531 crore with participation from the government, PSU banks and LIC.
SWAMIH Fund-2 announced
In the Union Budget 2025–26, the finance minister announced the launch of SWAMIH Fund-2 as a blended finance facility with contributions from the government, banks and private investors. With a proposed corpus of ₹15,000 crore, the new fund aims to support the expeditious completion of another one lakh housing units.
The government said the success of SWAMIH underscores its commitment to protecting homebuyers, revitalising the housing sector, generating employment and strengthening India’s overall economic ecosystem.
