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SWAMIH Fund to exit from 55.5 Cr Investment in Panchsheel Wellington (Ph II)
Project Overview
Panchsheel Wellington (Ph II) is a mid-income residential project located at Crossing Republik township, Ghaziabad, NCR developed by Panchsheel Buildtech Pvt Ltd promoted by Mr. Ashok Chaudhary
Project has saleable area of 3.03 lakh sq.ft. with 224 residential units and 12 commercial units across 2 towers.
The Location
Project is located in Ghaziabad in Crossing Republik township micromarket.
History
Project was launched in 2017 and expected to complete by 2022/23.
However, delayed due to various reasons such as lack of funding, COVID pandemic etc, project was delayed.
Overall, the project was delayed by about ~2 yrs.
SWAMIH Investment
- SWAMIH Fund invested in the project in March 2023 with a target to complete the project
- Of the committed investment of Rs 55.5 Cr, SWAMIH Fund has invested Rs 23.0 Cr so far.
- As on 27th Nov 2024, Panchsheel Buildtech Pvt Ltd has re-paid Rs 23.0 Cr along with 12% XIRR.
SWAMIH Impact
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Project completed within ~2 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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~130 new units sold; ~84.4 Cr collected
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~224 homebuyers to finally get their homes