Finance Minister Nirmala
Sitharaman Hands Over Keys to Homebuyers in Mumbai as SWAMIH Fund Completes
50,000 Homes
Mumbai, February 17, 2025: At a
post budget interaction event in Mumbai, Honourable Finance Minister Nirmala
Sitharaman today 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.
Mr. 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.
From left to right: Mr. C S Setty, Chairman SBI, Mr. Ajay Seth, Secretary, Department of Economic Affairs, Mrs. Nirmala Sitharaman, Union Finance Minister, Mr. Pankaj Chaudhary, Minister of state for Finance, Homebuyer Mr. Mubarak Ali Temrikar, Mr. Prem Prabhakar, MD & CEO, SBI Ventures Limited.
SBI Ventures - https://sbiventures.co.in/
We are one of the leading alternate asset
managers in India with a strong backing from the SBI group, aiming to
revolutionise sustainable and impact investing.
Company
- SBI Ventures Limited (SVL) is a wholly owned
subsidiary of State Bank of India.
- It was founded in 2005 and is headquartered in
Mumbai
- The company is led by Mr. Prem Prabhakar, MD, and
CEO of SVL, an industry veteran who comes with over 25 years of experience
- The firm is among India’s fastest growing asset
managers, currently managing three alternate investment funds (AIF) and
three Fund of Funds, with an aggregate committed capital of INR 30,000
crore
- SVL’s strong lineage has helped catapult the
organization to greater heights, making it a preferred partner for various
large domestic institutional investors and global investment partners such
as Foreign and Commonwealth Development Organisation
(FCDO) of the UK Government, European Investment Bank (EIB), and Japan International
Cooperation Agency (JICA)
- The company has a stringent screening process
such as positive cashflow, high growth prospects, and intensive
orientation towards ESG for the target portfolio companies
- It also has deep industry connect across multiple
sectors, including Private equity, SMEs, and Real Estate – which directly
lead to economic growth and stability
- SVL’s CSR work includes initiatives such as
boosting education; eradicating hunger, poverty, and malnutrition; and
improving healthcare facilities
Direct Funds
- SVL manages three direct funds - Neev Funds (I
& II) and SWAMIH
- Neev Funds ~
- Established in 2015, Neev Fund I is an INR 500+
crore climate and social impact focused fund investing in low-income
states of India, while Neev Fund II (launched in 2021) is an INR 1,000+
crore fund with a focus on climate and the environment
- Special Window for Affordable & Mid Income
Housing Investment Fund (SWAMIH) ~
- Established in 2019, SWAMIH is an INR 15,000+ crore
fund that aims to help in completing the construction of stalled/stressed
RERA registered housing projects, in both affordable and mid-income
segments, by providing last-mile financing. As of date, more than 126
projects spread across 20+ cities in India have received final approvals
for funding by SWAMIH Fund
Fund of Funds
- UK India Development Cooperation Fund (UKIDCF) ~
- Established in 2019, UKIDCF is an INR 2,000+
crore platform focused on achieving the UK-India development cooperation
objectives as identified in the UK-India 2030 Roadmap by investing in
daughter funds that seek to invest in sectors promoting sustainable
economic development in line with India’s Sustainable Development Goals
- Self-Reliant India Fund~
o Established in 2021, the fund aims to provide growth
capital to MSMEs via downstream daughter funds and has recently committed INR
7,000+ crore across 60 daughter funds
