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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
- 288 homebuyers to finally get their homes