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SWAMIH Fund to exit from 50 Cr Investment in Jewel Heights
Project Overview
Jewel Heights is a mid-income residential project located at Kukatpally, Hyderabad, developed by Sri Sai Tirumala Constructions Pvt Ltd promoted by Mr. Tirumala Rao
Project has saleable area of 2.03 lakh sq.ft. with 208 units across 2 towers.
The Location
Project is located in western Hyderabad in Kukatpally micromarket.
History
Project was launched in 2018 and expected to complete by 2022/23.
However, delayed 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 Sept 2021 with a target to complete the project
- Of the committed investment of Rs 50.0 Cr, SWAMIH Fund has invested Rs 20 Cr so far.
- As on 24th April 2024, Sri Sai Tirumala Constructions Pvt Ltd has re-paid Rs 20 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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~47 new units sold; ~54 Cr collected
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~170 homebuyers to finally get their homes