A month after the government announced a booster package for the fund-straved real estate sector, a SBI Caps on Friday said that it has received commitments for Rs 10,530 crore.
The government, SBI, LIC, HDFC and other leading public sector banks are among those which have shown interest in investing, and the money will help complete some of the nearly 1 lakh stalled real estate units and release locked-up capital of Rs 65,000 crore, SBI Caps said in a statement.
SBICaps Ventures said this is the first closure for the special window for affordable and middle-income housing fund (Swamih) investment fund I, it added.
The government and SBICap Ventures is the investment managers for the fund.
Swamih is a category II alternate investment fund formed under the special window announced by finance minister Nirmala Sitharaman to provide last-mile funding to enable completion of construction of stalled housing projects, the investment advisory arm of SBI said.
The government has identified over 1600 projects which are around 60 percent completion but got stalled due to paucity of funds.
The government has committed a fund infusion of Rs 10,000 crore into the special window and further investments will be brought in through institutional and private investors to generate a total corpus of Rs 25,000 crore.
"We have substantially completed fund raising, scaled up the team, formed the investment panel and have begun examining potential investment opportunities," SBI Caps managing director Sanjiv Chadha said.