Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects. On November 06, 2019, the Honourable Finance Minister announced that the Union Cabinet has cleared a proposal to set up a ‘Special Window’ in the form of AIF to provide priority debt financing for the completion of stalled housing projects. SBICAP Ventures would be the Investment Manager to the first AIF set-up under this special window. Several real estate projects have suffered due to a combined effect of two changes in the real estate sector. On one hand, incremental launches and slow sales have increased unsold inventory in each project while that effect has then got compounded by the fact that consumer preference is now towards completed projects rather than under construction projects. This preference has developed as consumers are largely avoiding taking project completion risk and instead are more inclined to completed projects. In our market study, it has been estimated that, in the stalled category, there are about 4.58 lakh housing units and the aggregate funding required to complete the stalled projects is INR 55,000cr. SWAMIH Investment Fund I has been formed to complete construction of stalled, brownfield, RERA registered residential developments that are in the affordable housing / mid-income category, are networth positive and requires last mile funding to complete construction. It has a target corpus of INR 12,500cr with a greenshoe option of INR 12,500cr. The Sponsor of the Fund is the Secretary, Department of Economic Affairs, Ministry of Finance, Government of India on behalf of the Government of India. The Investment Manager of the Fund is SBICAP Ventures Ltd., an asset management company that is a wholly owned subsidiary of SBI Capital Markets Ltd which in turn is a wholly owned subsidiary of the State Bank of India.