SWAMIH Fund Invests Rs 150 Cr in Tridhaatu Realty’s Project in Mumbai

The government-backed last-mile financing platform Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects (SWAMIH I) has made an investment of over Rs 150 crore in realty developer Tridhaatu Realty & Infra to complete its resid

BY Realty Plus
Published - Saturday, 14 Aug, 2021

SWAMIH Fund Invests Rs 150 Cr in Tridhaatu Realty’s Project in Mumbai

The government-backed last-mile financing platform Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects (SWAMIH I) has made an investment of over Rs 150 crore in realty developer Tridhaatu Realty & Infra to complete its residential project in Chembur suburb of Mumbai. The project also has Piramal Fund Management’s exposure worth Rs 200 crore that was extended in 2017 when the developer had acquired the said land parcel in an outright transaction. As per the terms, SWAMIH’s investment will hold senior charge for the exit from the project once it gets completed and the existing investor will get repaid after that. “Our funding is not only adequate, but will also be disbursed in a calibrated manner against the progress of the project to ensure that the development gets completed without further delays,” Irfan A. Kazi, Chief Investment Officer, SWAMIH Investment Fund stated. This new funding is expected to help the developer complete the construction of the project with a total three towers spread over 1.73 acre. The funding will be utilised for construction and paying statutory development premiums to the government authorities. “With the help of this last-mile funding from SWAMIH fund, the construction work is now moving at a breakneck speed. SWAMIH’s project management is detailed and the team is monitoring the development progress everyday to ensure timely completion of the project and the possession is handed over to homebuyers soon,” said Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty & Infra. Tridhaatu Realty had acquired the land parcel for Rs 147 crore from a landlord that was in the process of constructing a three-star hotel here then. The developer had started the project in 2018 and now with the financial support from SWAMIH I is expected to complete the same by December 2023 as per the final investment terms. SBICAP Ventures, a 100% subsidiary of SBI Capital Markets, is managing the government's Rs 25,000-crore special window fund to revive stalled housing projects.