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SWAMIH empowers 1st time developer to deliver 600 homes in Rewari
Project Overview
Amangani Peaceful Homes is a mid-income residential project developed by Urban Land Management Pvt. Ltd. (ULMPL).
Project has saleable area of 11.1 lakh sq.ft. with 600 units across 11 towers.
The Location
Project is located on Garhi Bolni Road, Sec -25, Rewari, NCR.
History
Project was launched in 2013.
- Though 5 towers were largely complete by 2019, balance 6 towers were ongoing at different stages along with club-house, infra works and finishing of 5 towers remaining pending.
- The project progress was slow due to lack of funds and exhaustion of existing loan limit sanctioned by a bank coupled with repayment obligations.
- SWAMIH Funding enabled Developer to ram up construction leading to boost in customer sentiments. This led to healthy collections and thereby helped in existing lender’s loan repayment on time as well as completion & marketing of project.
SWAMIH Investment
- SWAMIH Fund invested in the project in June 2020 with a target to complete the project.
- Of the committed investment of Rs 77 Cr, SWAMIH Fund invested Rs 57 Cr.
- As on 4th December 2024, Urban Land Management Pvt Ltd has repaid Rs 57 Cr along with 12% XIRR.
SWAMIH Impact
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Project completed within ~2.5 years of investment – received OC in Oct’22
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Monitoring to ensure no diversion of funds – all inflows are used for project completion
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Existing lender’s balance outstanding loan cleared from collections
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Contractor/vendors dues cleared. Salaries paid to the employees
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~155+ new units sold; ~ Rs 165+ Cr collected
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~340+ stuck homebuyers to finally get their homes.