SWAMIH Fund to invest Rs 650 Cr in six Amrapali projects

Special Window for Affordable and Mid-Income Housing SWAMIH Investment Fund I (SWAMIH Fund), sponsored by Union Government and managed by an arm of SBI Capital Markets, will invest Rs 650 crore in six projects of erstwhile Amrapali Group at Noida and Greater Noida, th

BY Realty Plus
Published - Tuesday, 10 Aug, 2021

SWAMIH Fund to invest Rs 650 Cr in six Amrapali projects

Special Window for Affordable and Mid-Income Housing SWAMIH Investment Fund I (SWAMIH Fund), sponsored by Union Government and managed by an arm of SBI Capital Markets, will invest Rs 650 crore in six projects of erstwhile Amrapali Group at Noida and Greater Noida, the fund manager said on 9th August. The fund manager SBICAP Ventures said it has signed agreement with the Supreme court appointed receiver for infusing the funds. The projects receiving the funds include include Silicon City-1, Silicon City-2, Crystal Homes, Centurian Park- Low Rise, O2 Valley and Tropical Garden where 6,947 units are stalled of which 6,132 units are sold but homebuyers are awaiting delivery. These projects were launched almost about 10 years ago between 2011 and 2013 and have been delayed for more than 4-5 years from their promised delivery timeline. The Court receiver will be assisted by NBCC, which took the construction contracts for these projects after a Supreme Court order and is involved in the completion of about 22 Amrapali housing projects, which were stalled amid a fund crunch due to financial mismanagement at the erstwhile real estate firm. The funding from SWAMIH Fund will expedite the progress of the works in the 6 selected projects, the fund manager said. “This funding will not only complete the 7,000 stuck homes but will also generate considerable amount of ancillary employment opportunities and unlock capital invested at various levels," Suresh Kozhikote, MD and CEO, SBICAP Ventures , said. Irfan A Kazi, Chief Investment Officer of the SWAMIH Investment Fund added that “We would like to encourage more developers, whose projects are stressed for want of capital, to reach out to SBICaps Ventures team, so that those projects could be evaluated and capital be provided to rescue the troubled home buyers.” Earlier, the Court Receiver R Venkataramani and Committee members had formed a Section 8 Company – Amrapali Stressed Projects Investments and Resolution Establishment as special purpose vehicle to secure the funding for the completion of these projects.