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SWAMIH Fund to exit from Rs. 35cr investment in Taruchaya Residency
Project Overview
- Taruchaya Residency is a mid-income residential project located at Jaipur developed by Taruchaya Colonizers Pvt Ltd (Vilasa Group) promoted by Mr. Pankaj Khandelwal.
- Project has saleable area of ~5 lakh sq.ft. with 394 units in 3 buildings.
The Location
Project is located in emerging residential area of Ajmer Road, Jaipur
History
- Project was launched in 2016 and expected to complete by 2019.
- However, delayed due to various reasons such as lack of funding from existing lender, slower sales and collection than expected.
- Overall, the project was delayed by about 2 years.
SWAMIH Investment
- SWAMIH Fund invested in the project in Oct 2020 with a target to complete the project
- Of the committed investment of Rs 50.0 Cr, SWAMIH Fund has invested Rs 35.0 Cr so far.
- As on 31 March 2024, Taruchaya Colonizers Pvt Ltd has re-paid Rs 35.0 Cr along with 12% XIRR.
SWAMIH Impact
- Project completed within ~2.0 years of investment despite losing 4-5 months in covid lockdowns.
- Monitoring to ensure no diversion of funds – all inflows are used for project completion
- Contractor/vendors dues cleared. Salaries paid to the employees
- ~130 new units sold; ~120 Cr collected
- 281 homebuyers to finally get their homes