SWAMIH Investment Fund I has made a complete exit from its investment in Mumbai's housing project CCI Rivali Park, the Finance Ministry said on Thursday.

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This is the first exit of the fund, which achieved its twin targets of completion of the project and redeeming its investment successfully.

 

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"SWAMIH Investment Fund I announces its first complete exit from an investment made for the construction of CCI Rivali Park Wintergreen housing project in Mumbai," the Finance Ministry tweeted.

The project was launched in 2010 and got stalled due to a lack of funds.

No hope for desperate homebuyers until SWAMIH investment in Feb-2020. The project received occupation certificate in April-2021 despite two Covid lockdowns, the ministry added.

SBICap Ventures-managed SWAMIH Fund has one of the largest domestic real estate private equity teams focused only on funding and monitoring the completion of stressed housing projects.

The ministry said SWAMIH has given final approval to 95 projects, sanctioning more than Rs 9,500 crore, which will complete over 57,700 homes.

It has already completed more than 1,500 homes in 7 projects and is on track to complete at least 10,000 homes every year, the ministry added.

Many real estate projects across the country were stalled due to a fund crunch.

To address this issue, the government, in November 2019, announced a Rs 25,000 crore- Special Window for Affordable and Mid-Income Housing (SWAMIH) fund to help complete over 1,500 stalled housing projects comprising 4.58 lakh housing units.