The Fund is sponsored by the Ministry of Finance, Government of India and is managed by SBICAP Ventures Ltd., a State Bank Group company. SBI is also one of the anchor investors of the Fund along with Life Insurance Corporation of India (LIC). Other investors include HDFC Ltd and major nationalised banks.

The Fund had received a commitment of INR 10,037.5cr in its first close, three years ago on December 06, 2019, where the Government of India had committed a fund infusion of up to INR 5,000cr. As on date, the Fund is appraising 286 projects across 30+ cities in India which would help complete over one lakh homes. The additional commitment will enable the Fund to continue to evaluate deals till December 2024.

Since its launch, the Fund has scaled up its investment team to 33 professionals and evaluated more than 1000+ deals across India.

Suresh Kozhikote, MD & CEO at SBICAP Ventures Ltd stated, “The State Bank Group will continue to provide all execution capabilities required to fully implement this strategic Government of India initiative. We take pride in being able to consistently achieve new landmarks in our journey of providing relief to homebuyers and in the process contribute towards boosting investments in the Real Estate sector with thorough transparency and efficiency. The increased commitment from the Government of India is a statement of confidence in the execution abilities of SBICAP Ventures Ltd. as the investment manager and the entire team at SWAMIH Investment Fund I.”

On this key milestone, Irfan A. Kazi, Chief Investment Officer, SWAMIH Investment Fund, shared, “This round of capital infusion marks as a big step in our journey to provide a much needed boost to the country’s real estate industry.We at SWAMIH Investment Fund I continue to closely monitor all construction spend to ensure that the capital is utilised only for completion of the project. The Fund has already achieved construction completion of 19,500 homes and is on track to deliver about 20,000 homes every year for the next 3 years.” 

At the Final closing held in New Delhi on December 6, the Fund documents were signed by Shri Pradeep Purohit, Deputy Secretary, Department of Economic Affairs, Ministry of Finance on behalf of Government of India and Shri Kozhikote.

Also Read: SWAMIH invests Rs 150 crore in Chembur project

The post SBICAP Ventures backed SWAMIH Investment Fund-I Raises over INR 15,000 Crores at its final close appeared first on Square Feat India.

By Varun Singh

Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects (SWAMIH I), the government-backed last-mile financing platform has made an investment of over Rs 150 crore to complete a residential project of realty developer Tridhaatu Realty & Infra located in Chembur, Mumbai.

As per the terms, SWAMIH investment will hold senior charge for the exit from the project once it gets completed and the existing investor will get repaid after that.

Tridhaatu had started the project Tridhaatu Morya in 2018 and now with the financial support from SWAMIH I, it is expected to complete the same by December 2023 as per the final investment terms.

The funding will be utilised for construction activities and paying statutory development premiums to the government authorities along with ensuring the completion of the project within the RERA deadline.

Commenting on the investment, Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty said, “This last-mile funding from SWAMIH fund has helped us speed-up the construction activities at our site. The project management team of SWAMIH is thoroughly recording and monitoring the progress of the development each day to ensure timely completion of the project to the homebuyers. We at Tridhaatu Realty have always prioritized our customers’ satisfaction and are assuring them the on-time delivery of Tridhaatu Morya backed by SWAMIH’s support.”

Tridhaatu Morya comprises 1 & 2 Bed Residences starting from 1.37 cr onwards. The gated residential complex is one of the very few projects in the neighbourhood that is a freehold development and a non-SRA project. It is spread over 2 acres featuring 3 towers of 18 floors each with 3 Basements and 1 Podium. The carpet area for the apartments ranges between 477.28 sq. ft. to 723.77 sq. ft.

With more than 16+ lifestyle amenities, the project is centrally located in Chembur that enjoys the best physical and social infrastructure in the immediate vicinity. It also enjoys excellent connectivity to the Eastern Freeway, Santacruz Chembur Link Road (SCLR), BKC, and Navi Mumbai. The RERA possession of the project will be June 2025.

Also Read: SWAMIH Completes First Residential Project

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By Varun Singh

Union Minister for Finance Nirmala Sitharaman on Thursday handed over possession to homebuyers virtually as Government of India’s Special Window for Affordable & Mid-Income Housing (SWAMIH) completed its first residential project.

The residential project – Rivali Park, located in suburban Mumbai, was the first housing project in India to have received funding under the SWAMIH Fund. The SWAMIH Fund was launched by Sitharaman in November 2019.

Rivali Park Wintergreens is the first investment by the SWAMIH Fund and is also the first project to get completed. It is a large project spread over 7 acres consisting of 708 units of various configurations. The project is “Rivali Park Wintergreen” developed by CCI Projects Pvt Ltd (CCIPPL), an associate company of Cable Corporation of India Ltd.

Addressing the virtual event, Finance Minister Sitharaman said she is very pleased to see that SWAMIH Fund has completed its first residential project. More so, it is an important achievement since the SWAMIH Fund has worked its way through the difficult period of COVID-19 pandemic, she added.

The Finance Minister said that the Government of India had stepped in to provide funding to the stressed affordable and mid-income housing projects thereby giving relief to the home buyers who had invested their hard earned savings. Smt. Sitharaman said the Government believes that once these homes are constructed and completed, a large amount of capital locked up in these projects will be released.

The Finance Minister said it will provide employment to construction workers and will provide impetus to the allied industries such as steel and cement. Further, it will improve portfolios of Banks and NBFCs and significantly improve the economic sentiment in the nation.

Sitharaman complimented and congratulated the SBICap Ventures team for converting a policy announcement into an on-the-ground funding institution that has achieved significant progress within a short time span.

Commenting on the completion of the project, Rohan Khatau, Director, CCI Projects Pvt Ltd, Developer of Rivali Park said, “This is a remarkable milestone in our commitment towards delivery & handover of the Wintergreen phase to our customers, who have placed immense faith in us and our vision to create a holistic experience. We are very pleased and grateful to have traversed the last mile with timely financial aid and intervention from the SWAMIH Investment Fund. We have obtained Occupancy Certificates (OCs) for the entire project and have commenced the possession process that will help us deliver the promise of a dream home to our valued homebuyers.”

Government has the vision of las mile funding so that projects are completed.

Durga Shankar Mishra, Secretary, Ministry of Housing and Urban Affairs (MoHUA), in his address said that the real estate industry is the second-largest employment generation sector in India and MoHUA has taken several steps in the last couple of years so that the real estate sector not only survives the cycles but thrives, such as RERA, lowering GST rates, PMAY scheme etc. He further added that MoHUA shared the vision of Ministry of Finance in this last-mile funding endeavour to complete the projects.

About SWAMIH:
In a short time-span of 1.5 years since inception, the SWAMIH Investment Fund today is one of the largest private equity teams in India and has done commendable work despite COVID-19 related restrictions. The Fund so far has given its final approval to 72 projects that will complete 44,100 homes, while 132 projects have received preliminary approval, which will complete an additional 72,500 homes. Thus, the Fund is targeting to complete an aggregate of 1,16,600 homes. This Fund is bridging the trust deficit between homebuyers and developers by completing construction and delivering homes without depending on any other source of finance.

Also Read: Mumbai Project Under SWAMIH Nears Completion

The post SWAMIH Completes First Residential Project appeared first on Square Feat India.

By Varun Singh

It is very rare to see developers praising the government. However, here’s a story where the developer is all praise for the Central Government’s SWAMIH Funds.

Mumbai based real estate company CCI Projects Pvt Ltd, which is developing a real estate project Rivali Park on a 14 acre land parcel claims that his project benefited a lot from the Central Government’s SWAMIH Funds. Of the 14 acres , 7 acres of land is under development.

It was amongst the first few projects in the country that was sanctioned the funds.

The ‘Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects’ (SWAMIH) fund was announced in November 2019.

CCI Projects Pvt. Ltd. the developer of Rivali Park, approached the authorities seeking funds under SWAMIH for its project.

Rivali Park is located in Borivali East and the phase Wintergreen for which the SWAMIH funds were used comprises of 708 apartments.

When the scheme was launched in 2019, many weren’t sure whether they would be able to get the funds soon.

However, CCI’s Director Rohan Khatau claims he was amongst the first to apply and by February 2020 they even received a sanction.

The funds are industry friendly, as the interest rates aren’t high and EMI’s aren’t to be paid every month.

“We got a sanction of Rs 180 crore from SBI Caps under SWAMIH Funds and have drawn out about 65% of the funds to complete the project,” said Rohan Khatau, Director, CCI Projects Pvt. Ltd. the developer of Rivali Park.

CCI’s Rivali Park for a long time was facing several difficulties and for them SWAMIH funds came as a blessing.

Khatau claims that after the lockdown was eased the project work commenced at speed.

The project is near completion and homebuyers are expected to start coming in soon and occupy the flats.

State Governmnet’s Stamp Duty Cut Attracted Homebuyers

Even the state government’s stamp duty cut from September 2020 till March 2021 has benefited the real estate industry and also the homebuyers.

Many homebuyers are right now booking flats so as to save on the stamp duty.

Even developers instead of holding on the inventory are selling the flats because even they feel it is a better option right now.

Also Read: MahaRERA Is Tracking Investment Worth Rs 8 Lac Crore

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