The Government of India’s Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund has emerged as a key policy instrument to revive stalled residential projects and restore confidence in the country’s housing sector. Launched in 2019, the initiative provides last-mile financing to affordable and mid-income housing projects that have been delayed due to financial constraints.
According to the Press Information Bureau, the SWAMIH Fund has completed over 58,596 homes across 146 residential projects in 20 cities and 12 states, benefiting more than 2.38 lakh homebuyers. The initiative focuses on converting partially constructed developments into completed homes, ensuring that homebuyers receive possession of their long-awaited properties.
The programme has also played an important role in stimulating economic activity. Revival of stalled projects has generated over 30,000 jobs and created demand for construction materials such as cement and steel, strengthening the broader construction ecosystem.
SWAMIH operates as a government-backed Category-II Alternative Investment Fund, with the Government of India acting as the sponsor while SBICAP Ventures Ltd., a subsidiary of the State Bank of India, manages the fund professionally. The initiative prioritizes projects that are financially viable but stalled due to funding shortages, particularly those nearing completion and registered under the Real Estate Regulatory Authority (RERA).
Building on the success of the initiative, the Union Budget 2025–26 announced SWAMIH Fund-2 with a proposed corpus of ₹15,000 crore, aimed at completing an additional 1 lakh stalled housing units across the country. The expansion is expected to further strengthen India’s housing delivery system and accelerate urban development.
The SWAMIH initiative reflects a strategic shift toward outcome-based housing policy—focusing not just on new construction but also on ensuring the timely completion of existing housing projects.