-
Call Us Now
+91 22 69112800 -
Send Mail Us
contact@sbiventures.co.in - CONSULTATION
Overview
Out of the 27 projects of Amrapali group. SWAMIH has funded 6 projects with total saleable area 92,71,000 sqft.
National Building Construction Corporation (NBCC) is the project management company for this project.
The Location
The projects are spread across Noida and Greater Noida
History
Amrapali Group went into financial distress around 2016-2017. Owing to the large number of affected home buyers, the Hon’ble Supreme Court of India took suo-moto cognizance of the matter and initiated proceedings in 2019.
A committee was formed under the leadership of Mr. Venkatramani who was also appointed as the Court Receiver for all the assets and projects of Amrapali.
The Supreme Court also appointed National Building Construction Corporation (NBCC) to complete the construction of the stalled projects.
The initial seeding for the construction cost was done through liquidating some of the seized assets of the erstwhile promoters.
Subsequently the Court Receiver approached the SWAMIH Fund to fund all the projects taken over by him to meet the construction expenses in May 2020.
6 projects were finally approved by the Court Committee to receive SWAMIH funding.
SWAMIH Investment
SWAMIH Fund invested in August 2021 with a target to complete the 6 projects.
SWAMIH Fund has committed INR 650 Cr towards the project completion at 12% XIRR.
SWAMIH Impact
- The funding is expected to benefit ~6,950 home buyers currently suffering due to stalled projects.
- Since the funding, the Court Committee has delivered 3,350 units out of the 6,950 units funded. By FY 2023 another ~1,400 units are expected to be delivered.
- The funding also boosted the confidence of other Banking institutions, who formed a consortium and funded INR 1,500 crores for the remaining projects.
- The funding has helped bring hope to the home buyers of the projects funded and to homebuyers of other projects which received fundings from other institutions subsequently.