The government has said that the Special Window for Affordable and Mid-Income Housing – SWAMIH Investment Fund has generated over 36 thousand skilled and unskilled jobs. SWAMIH is a Government-backed initiative to provide last-mile financing to stalled housing projects, with financial support from the Ministry of Finance’s Department of Economic Affairs. 

 

 

The Ministry of Finance said that the fund has unlocked over 37 thousand 400 crore rupees of capital across 127 projects nationwide, with over 90 million square feet of area under development.

 

 

The Ministry said that the project has protected homebuyers’ interests, revived the housing sector, generated employment, and strengthened the overall economy. It has contributed an estimated over 6 thousand 900 crore rupees in revenues to the Centre and States through GST, government dues, and stamp duties.

 

 

The Ministry said that the revival of stalled projects has generated demand for over 20 lakh tonnes of cement and 5.5 lakh metric tonnes of steel. The projects have added more than 1 lakh 6 thousand trees as green cover.

 

 

The SWAMIH initiative was launched following the approval of the Union Cabinet, chaired by Prime Minister Narendra Modi, in November 2019.