Housing for all – PMAY, etc.

[pib] Swamih Investment Fund

Note4Students

From UPSC perspective, the following things are important :

Prelims level : SWAMIH Investment Fund

Mains level : Not Much

In order to give relief to homebuyers of stalled projects, a Special Window for Completion of Affordable and Mid-Income Housing (SWAMIH investment fund) has been created for funding stalled projects.

Try this MCQ:

Q.The SWAMIH Fund recently seen in news is related to:

(a) Higher Education (b) MSMEs (c) Housing (d) Highways

SWAMIH Investment Fund

  • SWAMIH investment fund is an alternative investment fund which aims to provide last-mile funding to the stressed affordable and middle-income housing projects in the country.
  • It is expected to fund the projects which are net-worth positive, including those projects that have been declared as NPAs or are pending proceedings before the National Company Law Tribunal under the IBC.

Why need such funds?

  • Several real estate projects have suffered due to a combined effect of two changes in the real estate sector.
  • On one hand, incremental launches and slow sales have increased unsold inventory in each project.
  • While the effect has then got compounded by the fact that consumer preference is now towards completed projects rather than under-construction projects.
  • This preference has developed as consumers are largely avoiding taking project completion risk and instead are more inclined to completed projects.
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