Govt sets up fund for stalled housing projects

22 Feb 2021 CW Staff

A $3.5 billion fund set up by the Indian government to complete stalled housing projects is set to deliver its first set of finished apartments in 2021, which comes as a relief for thousands of affected home buyers and bankrupted developers.

The special window for completion of construction of affordable and mid income housing projects (SWAMIH) fund was announced in November 2019. SWAMIH is a social impact fund to complete the construction of stalled housing projects.

Irfan A Kazi, Chief Investment Officer at SBICAP Ventures Ltd, the government appointed manager of the alternative investment fund, said the fund would hand over around 16 projects or more than 4,000 homes in the financial year starting April 1.

Make in Steel 2021

24 February

Click for event info

4th Indian Cement Review Conference 2021

17-18 March

Click for event info

India had an estimated $63 billion of such stalled projects as an economic slowdown and a credit crisis cascaded through the market.

Real estate developers were unable to service their loans, forcing banks to write off the debts and worsen what was already one of the world’s biggest bad loan piles.

The Centre had created the fund as a measure to unclog the financing pipes.

Image: The affordable and mid income housing projects market in India is valued at $63 billion.

Also read: Real estate sector seeks Rs 1.25 lakh cr stress fund

Infrastructure Transport

30 May 2026

Chembur Metro to Boost East Mumbai Links

MMRDA is advancing eastern Mumbai’s urban mobility network, with the upcoming Chembur Metro Station set to emerge as a key interchange and the Mumbai Monorail preparing for relaunch.Dr Sanjay Mukherjee, Metropolitan Commissioner, MMRDA, conducted a site visit to Chembur Metro Station along with Kanhuraj Bagate, Managing Director, MMMOCL. He also visited the nearby VN Purav Monorail Station to review system preparedness and ease of interconnectivity.Once operational, the interchange is expected to offer commuters across the eastern suburbs quicker access, smoother transfers and seamless conne..

Herrenknecht TBMs Drive Thane–Borivali Tunnel Progress

Herrenknecht India has supplied two of the four tunnel boring machines (TBMs) required for the 11-km Thane–Borivali Twin Tunnel Project being developed by the Mumbai Metropolitan Region Development Authority (MMRDA). The project is expected to reduce travel time between Thane and Borivali from 60–90 minutes to around 15 minutes while easing congestion across the Mumbai Metropolitan Region.The first two Single Shield TBMs, named Nayak and Arjuna, feature 13.34-m cutterhead diameters and are designed for hard-rock excavation. They will be deployed to tunnel through the challenging geological..

KBL Launches Smart Skid Mounted Fire Pump Set

Kirloskar Brothers (KBL) has launched its Smart Skid Mounted Fire Pump Set, an integrated fire protection solution designed to improve operational efficiency, remote monitoring and installation flexibility. The system was inaugurated by Ms Madhuritai Misal, Hon. Minister of State for Urban Development, Government of Maharashtra.The Smart Skid Mounted Fire Pump Set is a factory-tested, pre-packaged solution that combines FM/UL-certified motor and engine pump sets with IoT-enabled remote monitoring. Designed to deliver a flow rate of 170 m³/hr at a head of 100 metres, the system aims to provide..