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Homebuyers joy run continues; SWAMIH delivers 140 units in DDJAY project
Project Overview
Flora Avenue 33 (Phase 1) is a residential affordable housing project being developed under Deen Dayal Jan Awas Yojna scheme of Haryana government. In this project, 140 residential units and 18 commercial units were delivered admeasuring ~98k sqft carpet area.
Project is being developed by GlobalHorizon Holdings Pvt Ltd.
The Location
Project is located in emerging residential area of Sector 33 in Sohna NCR.
History
Project land was acquired in 2012 but it got development license from DTCP Haryana by 2019 only.
The launch of Project got further delayed due to Covid.
Project got launched in 2021, however since most of the collections from customers were linked to OC in the Project, Developer required funding to complete the construction.
SWAMIH Investment
- SWAMIH Fund invested in the project in July 2022 with a target to complete within 2 years.
- Of the committed investment of Rs 50 Cr, SWAMIH Fund invested Rs 20 Cr.
- As on October 2023, Company repaid Rs 20.0 Cr along with 12% XIRR.
SWAMIH Impact
- Project completed within ~1.25 years of investment as against target of 2 years.
- Monitoring to ensure no diversion of funds – all inflows are used for project completion.
- Contractor/vendors dues cleared. Salaries paid to the employees.
- 23 new units sold; ~60 Cr collected.
- 140 homebuyers to finally get their homes.