SWAMIH Fund-2: A Lifeline for Stalled Housing Projects

The Indian government announced a new Rs 15,000 crore fund called SWAMIH Fund-2 to support the completion of stalled housing projects across the country. This initiative aims to assist distressed homebuyers by expediting the completion of 1 lakh housing units, enhancing liquidity and restoring buyer confidence in the real estate sector.

In a bold move to revive stalled housing projects, India's Union Finance Minister Nirmala Sitharaman has unveiled a new Rs 15,000 crore fund, dubbed SWAMIH Fund-2. The fund aims to fast-track the completion of housing units, bringing much-needed relief to distressed homebuyers who have been caught in the quagmire of halted projects.

Originally launched in November 2019, the SWAMIH initiative has successfully handed over 50,000 homes to buyers. With the new funding, the government plans to add another 1 lakh housing units by 2025, providing crucial support to middle-class families grappling with financial burdens from stalled real estate investments.

Real estate experts and industry leaders have warmly welcomed the initiative, noting its potential to enhance liquidity and restore buyer confidence in a sector that has seen significant delays, especially in regions like the National Capital Region. The fund will serve as a collaborative effort involving contributions from the government, banks, and private investors.

(With inputs from agencies.)