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SWAMIH empowers buyers’ association & landowner to deliver 200+ homes in Bengaluru
Project Overview
Nitesh Caesars Palace Phase II is a mid-income residential project developed by Sunce Construction Pvt Ltd (SCPL).
Project has saleable area of 3.19 lakh sq.ft. with 242 units across 4 towers.
The Location
Project is located on Kanakpura Main Road, Bengaluru next to Vajarahalli Metro Station.
History
- Project was launched in 2010 when Nitesh Estates Limited (NEL) entered in area share agreement with Landowner.
- Though OC was obtained for 4 Phase I towers in 2017, Phase II got completely stalled since 2018 due to lack of funds.
- Home buyers’ association approached SWAMIH Fund then to rescue the project.
- SWAMIH Fund enabled setup of a structure using Karnataka RERA and Memorandum of settlement between NEL and landowner to transfer the project to a separate entity
SWAMIH Investment
- SWAMIH Fund invested in the project in August 2022 with a target to complete the project.
- Of the committed investment of Rs 51 Cr, SWAMIH Fund invested Rs 37 Cr.
- As on 3rd October 2024, Sunce Construction Pvt Ltd has re-paid Rs 37 Cr along with 12% XIRR.
SWAMIH Impact
- Landowner with support of buyers’ association empowered to become Developer of Project to complete it
- Existing homebuyers agreed to additional contribution to make project feasible
- ~51 new units sold; ~ Rs 63 Cr collected including from Phase I units
- Project completed within ~2 years of investment and soft possession now being offered.
- 216 homebuyers to finally get their homes.