Alternate Investment Fund for stalled housing projects

Building Material

As reported, the Government of India’s Alternate Investment Fund (AIF), which was formed under the Special Window for Affordable and Mid-Income Housing (SWAMIH) with the aim of providing last mile funding to assist in completion of construction of stalled housing projects that were unable to gather additional funding, has achieved its first closing at approximately Rs 105.30 billion.

The Category II AIF was sponsored by the government to give large numbers of homeowners relief and to expedite the construction of the residential projects. Earlier in November, the alternative asset manager – SBICAP Ventures (SVL), a wholly owned subsidiary of SBI Capital Markets (SBICAP), had shortlisted around 12 projects worth investments of Rs 1-2 billion, to be included for the last mile