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SWAMIH Fund to exit from 75 Cr Investment in Lotus Residency
Project Overview
Lotus Residency is a mid income residential project located at Goregaon West, Mumbai, developed by Lotus Logistics & Developers Pvt Ltd promoted by Mr. Ashok Agarwal
Project has saleable area of 1.05 lakh sq.ft. with 227 units across 1 tower with 2 wings.
The Location
Project is located in Goregaon East, ODC, Goregaon, Mumbai micromarket.
History
Project was launched in 2015 and expected to complete by 2020
However, delayed due to various reasons such as lack of funding, covid etc.
Overall, the project was delayed by about ~2 yrs.
SWAMIH Investment
- SWAMIH Fund invested in the project in February 2021 with a target to complete the project
- Of the committed investment of Rs 75.0 Cr, SWAMIH Fund invested Rs 40.0 Cr.
- As on 3rd July 2024, Lotus Logistics Pvt Ltd has re-paid Rs 40 Cr along with 12% XIRR.
SWAMIH Impact
- Project completed within ~3 years of investment.
- Monitoring to ensure no diversion of funds – all inflows are used for project completion
- Contractor/vendors dues cleared. Salaries paid to the employees
- ~98 new units sold; ~57.3 Cr collected
- ~66 homebuyers finally got their homes