SWAMIH Investment Fund, the stress fund for realty sector, has given approvals to about 105 deals, which will help in the completion of 61,000 homes. Irfan A Kazi, Chief Investment Officer, SWAMIH Investment Fund I, SBICAP Ventures Ltd said 144 deals have been given preliminary approvals which will complete another 85,000 homes.
In November 2019, the centre had announced a Rs 25,000-crore fund — Special Window for Affordable & Mid-Income Housing (SWAMIH)– to help complete over 1,500 stalled housing projects comprising 4.58 lakh housing units across the country.
SBICAP Ventures, a wholly-owned subsidiary of the State Bank of India, is the investment manager of the fund.
“We have given final approvals to about 105 deals which will complete 61,000 homes. We have given prelim approvals to 144 deals which will complete another 85,000 homes. In all, we are targeting to complete about 249 deals which will complete almost about 1,50,000 homes,” Kazi said at a real estate event organised by CII.
He said, of the deals which have been given final approvals, 57 deals are those where lenders have NOC (No Objection Certificate).
Kazi said the fund has completed handover of about 2,500 homes and is targeting at 10,000 homes this year.
HDFC Capital Advisors Pvt Managing Director & Chief Executive Officer Vipul Roongta said that with the economic cycle turning, there is a tremendous scope for growth in the real estate sector.
The kind of volumes that most developers have been able to demonstrate over the last three quarters shows that the residential upcycle is here and it is going to stay, Axis Capital Ltd Managing Director & Co-Head of Equities Nitin Idnani said.
