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SWAMIH Fund to exit from 53.5 Cr Investment in Garden View
Project Overview
Garden View is a mid-income society redevelopment residential project located at Ghatkopar West, Mumbai developed by Sai Everest & Developers Pvt Ltd.
Project has total carpet area of ~1.0 lakh sq.ft. with 150 units.
The Location
Project is located in Ghatkopar
West, off LBS road, Mumbai
History
Project was launched in 2017 and expected to complete by 2021.
However, delayed due to various reasons such as lack of funding, slow sales and later was impacted due to Covid.
Overall, the project was delayed by about ~2 yrs.
SWAMIH Investment
- SWAMIH Fund invested in the project in Feb 2021 with a target to complete the project
- Of the committed investment of Rs 50.0 Cr, SWAMIH Fund invested Rs 26 Cr.
- As on 30th July 2024, Sai Everest Builders and Developers Pvt Ltd has re-paid Rs 26 Cr along with 12% XIRR.
SWAMIH Impact
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Project completed within ~3 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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~43 new units sold; ~55 Cr collected
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~150 homebuyers to finally get their homes