A $3.5 billion fund set up by the Indian government to complete stalled housing projects is set to deliver its first set of finished apartments in 2021, which comes as a relief for thousands of affected home buyers and bankrupted developers.

The special window for completion of construction of affordable and mid income housing projects (SWAMIH) fund was announced in November 2019. SWAMIH is a social impact fund to complete the construction of stalled housing projects.

Irfan A Kazi, Chief Investment Officer at SBICAP Ventures Ltd, the government appointed manager of the alternative investment fund, said the fund would hand over around 16 projects or more than 4,000 homes in the financial year starting April 1.

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India had an estimated $63 billion of such stalled projects as an economic slowdown and a credit crisis cascaded through the market.

Real estate developers were unable to service their loans, forcing banks to write off the debts and worsen what was already one of the world’s biggest bad loan piles.

The Centre had created the fund as a measure to unclog the financing pipes.

Image: The affordable and mid income housing projects market in India is valued at $63 billion.

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Also read: Real estate sector seeks Rs 1.25 lakh cr stress fund