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SWAMIH delivers 70 units and exits its first investment in Thrissur

Project Overview

Asset Precious is a mid-income residential project located at Thrissur developed by Asset Homes Pvt Ltd

Project has saleable area of 1.22 lakh sq.ft. with 70 units in 1 building.

The Location

Project is located in emerging residential area of Trissur.

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 April 2021 with a target to complete the project.
  • Of the committed investment of Rs 19.5 Cr, SWAMIH Fund has invested Rs 7 Cr so far.
  • As on March 2022, Asset Homes Pvt Ltd has re-paid Rs 7 Cr along with 12% XIRR.

SWAMIH Impact

  • Project completed within ~1 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.
  • ~15 new units sold; ~24 Cr collected.
  • 70 homebuyers to finally get their homes.