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SWAMIH Fund exited from 23.5 Cr Investment in Auric City
Project Overview
Auric City is a low & mid-income residential project located at Jaisinghpura, Jaipur, developed by Auric Infratech Pvt. Ltd.
Project has saleable area of 2.49 lakh sq.ft. with 479 units (471 residential units and 8 shops) across 3 towers.
The Location
Project is located in Jaisinghpura, Ajmer Road, Jaipur micromarket.
History
Project was launched in 2017 and was expected to complete by 2021
However, due to various reasons such as lack of funding, covid etc, project was delayed.
Overall, the project was delayed by about ~2 yrs.
SWAMIH Investment
- SWAMIH Fund invested in the project in March 2021 with a target to complete the project
- Of the committed investment of Rs 23.5 Cr, SWAMIH Fund invested Rs 16.0 Cr.
- As on 31st July 2024, Auric Infratech Pvt Ltd has redeemed Rs 16 Cr along with 12% XIRR.
SWAMIH Impact
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Project completed within ~2.5 years of investment.
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Monitoring to ensure no diversion of funds – all inflows are used for project completion
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Contractor/vendors dues cleared. Salaries paid to the employees
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~146 new units sold; ~32 Cr collected
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~202 homebuyers finally got their homes