Good News For Homebuyers! Nirmala Sitharaman Announces SWAMIH Fund 2.0 Of Rs 15,000 Cr; Read Details Here

In her budget speech, Finance Minister Nirmala Sitharaman unveiled the SWAMIH Fund 2.0, allocating Rs 15,000 crore to complete 1 lakh housing units. This initiative aims to address stalled housing projects. The fund is expected to significantly benefit middle-class families struggling with both EMIs and rent.

"Building on this success, SWAMIH Fund 2.0 will be established as a blended finance facility with contributions from the government, banks and private investors. This fund of Rs 15000 crore fund will aim for speedy completion of another one lakh dwelling units," Finance Minister said.

SWAMIH Fund's Impact on Housing

The original SWAMIH Fund was launched on November 6, 2019. It provided priority debt financing to finish stalled residential projects. Since then, it has completed 50,000 units in stressed housing projects and handed over keys to homebuyers. An additional 40,000 units are set for completion in 2025.

Real estate developers have been advocating for the second tranche of the SWAMIH Fund for some time. In 2024, the National Real Estate Development Council (NAREDCO) urged the finance ministry to introduce this fund to aid stuck housing projects across India.

How Will Middle-Class Families Get Benefits Of SWAMIH?

The new fund aims to assist middle-class families who are burdened with paying both EMIs and rent. By completing these housing projects, families can move into their own homes sooner, alleviating financial stress.

The establishment of SWAMIH Fund 2.0 involves contributions from various sectors including government bodies, banks, and private investors. This collaborative approach is designed to expedite the completion of an additional one lakh dwelling units.