In November 2019, the center announced a Rs 25,000 crore fund — Special Window for Affordable & Mid-Income Housing (SWAMIH) — to help complete more than 1,500 stalled housing projects comprising 4.58 housing units lakh across the country.
SBICAP Ventures, a wholly owned subsidiary of State Bank of India, is the fund’s investment manager.
“We have given final approvals to approximately 105 transactions which will complete 61,000 homes. We have given preliminary approvals to 144 transactions which will complete an additional 85,000 homes. 000 homes,” Kazi said at a real estate event hosted by CII.
He said that among the transactions that received final approval, 57 transactions are those where the lenders have a NOC (No Objection Certificate).
Kazi said the fund has completed delivery of around 2,500 homes and is targeting 10,000 homes this year.
Managing Director and CEO of HDFC Capital Advisors Pvt, Vipul Roongta said that with the turn in the economic cycle, there is huge potential for growth in the real estate sector.
The kind of volumes most developers have been able to demonstrate over the past three quarters show that the residential growth cycle is here and will stay, said Nitin Idnani, managing director of Axis Capital Ltd and co-head actions.