Of this, the project being built by Raghvendra Constructions in Mumbai’s Goregaon suburb has nearly 200 apartments, including 70 tenants. The project in Thane by Arvij Builders has 100 apartments including tenants and new homebuyers.

SWAMIH fund sanctions Rs 200 crore for Mumbai, Thane, Jaipur projectsThe government-backed last mile fund under the Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects (SWAMIH I) has approved investments worth around Rs 200 crore in three stressed housing projects in MumbaiThane and Jaipur, persons with direct knowledge of the development said.

The last-mile financing in these three projects will help in construction and delivery of homes to over 1,700 troubled homebuyers.

“While the Jaipur project is a large affordable housing development with a total 1,400 stuck homebuyers waiting for the delivery, Mumbai and Thane projects are standalone society redevelopment projects,” said one of the persons mentioned above.

Of this, the project being built by Raghvendra Constructions in Mumbai’s Goregaon suburb has nearly 200 apartments, including 70 tenants. The project in Thane by Arvij Builders has 100 apartments including tenants and new homebuyers.

The Jaipur affordable housing project, Surya Residency, has so far sold about 800 apartments out of total inventory.

The fund recently sanctioned financing worth Rs 100 crore to Ansal Housing’s project Ansal Highland Park in sector 104 of Gurgaon. Prior to this, the fund approved an investment of Rs 171 crore in Dehradun-based Windlass Developer’s township project, Windlass River Valley in April.

With this, the fund has provided preliminary and final approval to total 213 projects across the country committing Rs 17,000 crore. SWAMIH is a category II Alternative Investment Fund (AIF) announced by Finance Minister Nirmala Sitharaman in September 2019 and was approved by the Cabinet in November 2019.

SWAMIH Fund officials declined to comment for the story.

Sambhav Consultancy was the exclusive advisor for the Jaipur project transaction, which is the largest funding for a project in Rajasthan.

The fund is currently the largest real estate private equity team in the country, having scaled up from a two-member team at the time of launch to 37 members now.

The Rs 12,500-crore fund, with a green-shoe option of an additional Rs 12,500 crore, aims to provide financing to enable completion of stalled housing projects and ensure delivery of apartments to homebuyers.

The fund is expected to help 1.16 lakh families get delivery of their homes, Sitharaman had said in May, while handing over the possession of a residential project in Mumbai’s Borivali suburb, the first one to be completed under the SWAMIH fund. The fund is expecting 25 stressed projects to be completed that will deliver 12,617 homes in the next 12 months.

The federal fund has so far given final approval to 80 projects that will help complete 50,000 stalled homes across the country, while a total of 133 projects have received preliminary sanctions and these are expected to complete 71,000 additional homes.

According to government estimates, there are 458,000 stalled housing units in 1,509 residential projects across the country.

Given the headwinds in real estate and the post-pandemic scenario, this financing assumes significance due to scarcity of capital from any alternate sources, and SWAMIH Investment Fund I has been a key enabler for several projects that were in need of last-mile liquidity support.