Stalled Housing Projects Across India Require ₹55,000 Crore for Completion as SWAMIH Fund Accelerates Deliveries
New Delhi, June 24, 2026: Government initiatives aimed at completing stalled housing projects across India’s real estate sector are beginning to show a significant impact, though industry experts emphasize the need for larger-scale implementation. According to a recent Anarock report, over 1,500 incomplete projects, comprising approximately 4.5 lakh affordable and mid-income homes, were stalled nationwide as of 2024, requiring an estimated ₹55,000 crore to reach completion.
While the government-backed Special Window for Affordable and Mid-Income Housing (SWAMIH) fund has made notable strides since its 2019 launch—utilizing a ₹25,000 crore budget to complete over 61,000 units—around 3 lakh homes have yet to receive any financial assistance, sparking calls to expand the fund’s scope to shield homebuyers from the dual financial burden of EMIs and rent.
Commenting on the financial challenges plaguing the sector, Dinesh Gupta, President of CREDAI Western UP, stated, “funds are one of the biggest roadblock in the projects. The rest of the issues can be sorted but management of funds is always a concern because of its volume. It is high time when viable projects should be financed on priority to ensure their completion.”
The National Capital Region (NCR), specifically Noida and Greater Noida, has emerged as a major beneficiary of these interventions, which have paved the way for the completion of about a dozen projects that had previously stalled due to a lack of capital despite being 50% to 80% complete.
For instance, the KVD Wind Park project is currently being finished with the help of ₹195.50 crore from the SWAMIH Fund after being rescued from insolvency proceedings by Real Estate Asset Resolution Company Pvt. Ltd. (REARCO), preparing roughly 650 homes for buyers. Another long-delayed development, the 316-unit Antariksh Valley project by Diligent Builders in Greater Noida West, was revived after a decade of stagnation through a ₹115 crore infusion from the fund, transforming it into a site with ready-to-move homes and active registrations.
Reflecting on the milestone achievement of navigating regulatory hurdles to secure this state-backed financing, Gitanjali Khanna, Managing Director of REARCO, said, “they are likely the first entity to secure SWAMIH Fund support for a project after extracting it from NCLT proceedings. The SWAMIH Fund and its oversight have played a pivotal role in the project’s completion. We have paid all dues of all parties pertaining to the land.”
Highlighting the transformative impact of the capital injection on their long-delayed site, Ashwani Nagpal, COO of Diligent Builders, noted that the infusion of SWAMIH funds has transformed a project where construction had been halted for years; now, ‘ready-to-move’ homes are available with registration facilities, and construction on the second tower has been accelerated.
Despite these successes, many promoters who did not see immediate scope for government-backed funds have instead turned to private parties and self-funding to revive viable projects. The Renox Group adopted this alternative strategy in Greater Noida West to develop its ‘Thrive’ project on the grounds of a previously stalled development. Explaining the extensive financial restructuring required to breathe new life into the property without state aid, Group Chairman Shailendra Sharma explained that to revive an incomplete project, they first had to clear outstanding dues owed to the authority, banks, and allottees; only then could a new project comprising 400 units be launched.
Similarly, the RG Group successfully utilized the ‘reverse insolvency’ process under the National Company Law Tribunal (NCLT) framework to complete more than 1,900 units at ‘RG Luxury Homes’ in Greater Noida West, utilizing financial support from a non-government financial institution rather than state funds. Pointing out the critical financing gap that remains for distressed real estate assets under judicial review, Himanshu Garg, Director of the RG Group, states that through the ‘reverse insolvency’ process at the NCLT, they completed over 1,900 units at ‘RG Luxury Homes’ in Greater Noida West.
A vast number of real estate developments across the country remain stalled due to poor policy norms, strict legal boundaries, and a general lack of market trust, despite remaining fundamentally financially viable. While individual efforts and new promoters are stepping in to fund, construct, and obtain occupancy certificates for retail sales, stakeholders argue that simpler access to vehicles like the SWAMIH Fund would drastically shorten turnaround times for distressed housing.
Advocating for a decentralized and structured scaling of real estate rescue funds to protect affordable and mid-income homebuyers from fluctuating construction costs, Atul Kumar Singh, Director of Vision Business Park, believes there is no shortage of projects that are 30% complete and possess a positive net worth.
