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SWAMIH Fund to exit from Rs. 76cr investment in Naman Premier
Project Overview
- Naman Premier is a mid-income residential project located at Marol, Mumbai developed by Shree Naman Developers Pvt Ltd promoted by Mr. Jayesh Shah.
- Project has saleable area of ~1.8 lakh sq.ft. with 365 units in 5 wings.
The Location
Project is located in established residential area of Marol, Andheri(E) ,Mumbai
History
- Project was launched in 2017 and expected to complete by 2020.
- However, delayed due to various reasons such as delay in approvals, lack of funding from existing lender, slower sales and collection than expected.
- Overall, the project was delayed by more than 2 years.
SWAMIH Investment
- SWAMIH Fund invested in the project in June 2020(peak Covid period) with a target to complete the project.
- Of the committed investment of Rs 165.0 Cr, SWAMIH Fund invested Rs 76.0 Cr.
- As on 31 March 2024, Shree Naman Developers Pvt Ltd has re-paid Rs 76.0 Cr along with 12% XIRR.
SWAMIH Impact
- Project completed within ~3.5 years of investment despite losing 4-5 months in covid lockdowns.
- Monitoring to ensure no diversion of funds – all inflows are used for project completion
- Contractor/vendors dues cleared. Approval/FSI cost paid to authorities. Salaries paid to the employees
- 176 new units sold; ~281 Cr collected