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SWAMIH Fund to exit from Rs. 36cr investment in Paranjape Blueridge(T24/25)
Project Overview
- Paranjape Blueridge(T24/25) is a mid-income residential project part of 100 acre plus township located at Pune developed by Paranjape Schemes Construction Ltd
- Project has saleable area of ~3.5 lakh sq.ft. with 248 units in 2 buildings.
The Location
Project is located in the established IT hub of Hinjewadi, Pune.
History
- Project was launched in 2018 and expected to complete by 2020.
- However, delayed due to various reasons primarily being lack of funding from existing lender project got delayed
- Overall, the project was delayed by about 2 years.
SWAMIH Investment
- SWAMIH Fund invested in the project in May 2021 with a target to complete the project
- Of the committed investment of Rs 80 Cr, SWAMIH Fund had invested Rs 36 Cr so far.
- As on March 2024, Paranjape Schemes has re-paid Rs 36 Cr along with 12% XIRR.
SWAMIH Impact
- Project completed within ~3 years of investment and 8 months before RERA completion date
- Monitoring to ensure no diversion of funds – all inflows are used for project completion
- Contractor/vendors dues cleared. Salaries paid to the employees
- ~72 new units sold; ~107 Cr collected
- 248 homebuyers to finally get their homes