SWAMIH Fund Completes 61,000 Stalled Homes Across India

• Over 61,000 homes completed across 110 stalled projects

• More than ₹37,400 crore unlocked for housing revival

• Fund to deliver over 1 lakh homes, benefiting over 4 lakh people

India’s Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund has emerged as one of the country’s most impactful housing revival programmes, with over 61,000 homes completed across stalled residential projects as of December 15, 2025, according to the Finance Ministry.

The government-backed stress fund was created to rescue housing projects that had been left incomplete due to financial stress, legal disputes, or weak developer balance sheets. Over the past few years, it has brought life back to hundreds of stalled developments, offering long-awaited relief to thousands of homebuyers.

A Nationwide Housing Revival

SWAMIH’s footprint now spans more than 145 projects across 30 cities, making it the largest residential stress-resolution platform in India. Out of these, around 110 projects have already delivered homes, including more than 7,000 units meant for the Economically Weaker Sections (EWS).

These completions have directly helped middle-class families who were stuck paying both EMIs and rent due to project delays. With keys finally handed over, many of these households have been able to move into their homes after years of uncertainty.

The fund is also expected to deliver more than 1 lakh homes in total, providing housing security to over 4 lakh people once all projects are completed.

Strong Financial Discipline

The Finance Ministry highlighted that SWAMIH has fully committed its entire investible corpus before the end of its investment period on December 5, 2025. This reflects strong deal execution and disciplined capital deployment, key factors behind the fund’s success.

So far, the fund has recorded 55 full exits and 44 partial exits, showing that it is not just a social initiative but also a financially managed platform that aims to recycle capital and support more projects.

Nearly 50 per cent of the drawn capital has already been returned to investors, including about ₹3,500 crore out of the ₹7,000 crore invested by the central government.

Boost to the Economy and Jobs

Beyond helping homebuyers, the revival of stalled housing projects has delivered a major boost to the economy. SWAMIH has unlocked ₹37,400 crore across 127 projects, covering over 90 million square feet of construction area.

This surge in activity has created more than 36,000 jobs, including 3,500 permanent roles, and generated demand for over 20 lakh tonnes of cement and 5.5 lakh metric tonnes of steel, supporting allied industries across the country.

The fund has also contributed approximately ₹6,900 crore in revenues to central and state governments through GST, stamp duty, and statutory dues.

Focus on Affordable and Mid-Income Homes

A key strength of SWAMIH lies in its focus on people who need housing the most. About 44 per cent of its total development area is dedicated to Low Income Group (LIG) and Middle Income Group (MIG) homes, ensuring that the fund directly supports families who were hit hardest by stalled projects.

The fund operates as a priority debt provider for RERA-registered brownfield housing projects, stepping in where traditional banks and lenders were unwilling to lend due to risk.

SWAMIH Fund-2 on the Way

Recognising the success of the first fund, Finance Minister Nirmala Sitharaman announced in the Union Budget 2025–26 the launch of SWAMIH Fund-2, with a corpus of ₹15,000 crore. This blended finance facility, supported by the government, banks, and private investors, aims to fast-track the completion of another 1 lakh homes.

The decision is backed by earlier studies, including one by Propequity, which found that nearly 4.58 lakh housing units across 1,500 projects were stalled and required around ₹55,000 crore to be completed.

A Lifeline for Stressed Homebuyers

Managed by SBI Ventures Limited, a subsidiary of the State Bank of India, SWAMIH has become a crucial lifeline for families caught in long-delayed housing projects. By providing last-mile funding and strict oversight, the fund has turned abandoned construction sites into livable homes.

As India continues to deal with legacy real estate stress, the SWAMIH Fund stands out as a rare example of how targeted government intervention, financial discipline, and private participation can come together to solve one of the country’s most painful housing challenges.