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The Vatika group’s delayed real estate project in Gurgaon has received approval for an estimated Rs 340 crore from the Special Window for Affordable & Mid-Income Housing (SWAMIH) fund, three persons with knowledge of the condition.
With a 14-acre footprint, the project offers 1.4 million square feet of saleable space. It was started around ten years ago and has about six hundred flats in total. Of them, one hundred and fifty were sold before SWAMIH got involved.
SWAMIH Fund Providing Financial Support To The Stalled Projects
In NCR, there are a lot of initiatives that may use financial support. We carry out extensive due diligence before to agreeing to funding. According to someone with knowledge of the development, “the Vatika project still requires a significant amount of development, hence it will take a significant amount of money to complete.”
The project has greatly grown in price since SWAMIH’s intervention, and investors are eager to make an investment. “We are seeing a steady stream of buyers, and SWAMIH’s investment has helped to create a positive atmosphere.”
SWAMIH Fund Approves Rs 207 Crore To The Real Estate Projects
The majority of Phase-1’s structure was already in place, but Phase-2’s development has already started, according to Shiwang Suraj, the founder and director of Inframantra India Pvt. Ltd., the company in charge of marketing the project.
By October 2024, Phase 1 of the project should start to provide possession, and the developer plans to finish it by January 2026. In order to complete a real estate project in Greater Noida that had been put on hold, SWAMIH had previously given Rs 207 crore.
As a result, 1,000 homebuyers in the Sikka Kimaya Greens project will receive their homes on schedule. In the national capital area, financing for more than thirty projects has been authorized by the SWAMIH Fund.
SWAMIH Investment Fund Aiding Affordable Housing/Middle-Income Projects
The purpose of the SWAMIH Investment Fund is to finish building brownfield, RERA-registered, affordable housing/middle-income, net-worth-positive residential developments that have reached a standstill.
Liquidity problems affected all asset sectors, but the residential real estate market was most severely hit. The national government proposed a Rs 25,000 crore special window in November 2019 to help finish over 1,500 strained housing projects, totaling over 458,000 housing units, to lessen this obstacle.
This action was taken in response to distressed residential real estate assets that are still under development, including those that have been admitted into bankruptcy proceedings and deemed non-performing assets.
Source-ET
