Finance Minister Nirmala Sitharaman Hands Over Keys to 50,000 Homes

18 Feb 2025 CW Team

At a post budget interaction event in Mumbai, Honourable Finance Minister Nirmala Sitharaman handed over keys to homebuyers from select projects in Mumbai Metropolitan Region (MMR), whose long-stressed residential projects have been completed under the “Special Window for Affordable and Mid-Income Housing (SWAMIH I) Investment Fund”. This milestone marks the completion of 50,000 homes, reaffirming SWAMIH's mission to provide relief to distressed homebuyers and revive stressed residential projects across the country.

Homebuyers from projects including Avant Hillways, Vision Heights and Shubham Trident received their keys at the event, symbolizing the transformational role of the SWAMIH Fund in restoring hope and stability to families impacted by stressed housing developments. Established in 2019 and managed by SBI Ventures Ltd., a State Bank of India Group company, the SWAMIH Fund is sponsored by the Ministry of Finance. As India’s largest social impact fund for the real estate sector, it addresses critical funding gaps for stressed and brownfield residential projects. With no precedent or comparable peer globally, the Fund is a pioneering initiative for impact-driven investing.

Prem Prabhakar, MD and CEO of SBI Ventures Ltd, said that “With the vision and support of the Government of India, this fund has paved the way for the completion of numerous housing projects, ensuring that thousands of families can finally call these homes their own”.

By targeting distressed housing projects, SWAMIH is also driving credit growth in the housing sector, boosting access to home loans, and contributing to a stronger, more inclusive economy. This milestone not only highlights the Fund’s success in fulfilling its mandate but also demonstrates its critical role in supporting India’s economic recovery and providing long-overdue relief to homebuyers.

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