Three sources familiar with the matter reported to ET that the Special Window for Affordable and Mid-Income Housing (SWAMIH fund) approved approximately Rs 340 crore as funding to complete a real estate project by Vatika projects in Gurgaon.
This 14-acre project covers an area of 1.4million square feet. Started over 10 years prior, approximately 640 units had already been sold prior to SWAMIH becoming involved.
There are numerous projects in NCR which could benefit from financing, and our due diligence process entails extensive investigation. Vatika still needs significant development work done, thus necessitating significant amounts of funding,” according to someone familiar with its development.
SWAMIH’s intervention has resulted in both an increase in price and buyers who are interested in participating in this project.
“SWAMIH’s investment has helped create an enthusiastic atmosphere. Construction for Phase-2 has begun even though its major structures are already up. Ltd is responsible for marketing this project.”
The developer anticipates that this project will be complete by January 2026.
SWAMIH had approved earlier a loan of Rs 207 crore to complete a real estate project that had become dormant in Greater Noida – this enabled delivery of 1000 houses from Sikka Kimaya Greens Project within its stipulated timelines.
SWAMIH Fund approved funding for more than 30 projects located within the National Capital Region.
SWAMIH Investment Fund was created to complete construction of RERA-registered, brownfield residential developments that fall into the affordable/middle income housing category and have net positive assets.
Residential real estate was particularly hard hit, although all asset classes were significantly impacted.
In November 2019, the federal government made an announcement that they would provide Rs 25,000 crores to complete over 1,500 housing projects with a combined 458,000 units, totalling about 1,500 housing projects.
Specifically, this action was taken to address stressed residential real estate under construction assets that have not yet been completed, as well as those declared non-performing and admitted into insolvency proceedings.
