A government backed fund SWAMIH was initiated to support home developers to finish their ongoing projects. According to various media sources, SWAMIH is all set to invest Rs 100 crores for the completion of a residential project developed by the Imperia Group.
JLL India which is a real estate consulting firm has facilitated the deal, which will in turn benefit 450 property buyers. It was revealed by JLL in a statement, that the Special Window for Affordable and Middle-Income Housing Investment Fund (SWAMIH) has committed to invest in the phase 2 of ‘The Esfera’ housing project in Gurugram.
As per the sources, the SWAMIH Fund investment will be around 100 Crores, but there has been no official statement for the sanctioned amount.
The fund is presently managed by SBICAP Ventures, which holds 100 per cent subsidiary of SBI Capital Markets and in turn is a wholly owned subsidiary of State Bank of India.
The plan was launched in the year 2012, comprising of 1.2 million sq. ft mid segment residential projects spanning across 11 acres area in Sector 37 C, Gurugram.
Earlier, in November 2019, the Central government had also announced to invest Rs 25,000 crores to facilitate the completion of 1,500 stressed housing projects which comprised of around 4.58 Lakh housing units.
Mr. Irfan A Kazi, Chief Investment Officer, mentioning the purpose of the funds also said that “The objective is to provide requisite capital to the projects under stress, so that the home buyers can realize the dream of living in their own house. It is estimated that around 450 buyers will be able to shift in their homes, with this capital being provided”.
The project will also be beneficial in employment generation along with unlocking capital investment at each stage.