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SWAMIH Fund to exit from 104.7 Cr Investment in Prince Ratnapuri Garden Residency, Chennai
Project Overview
Prince Rantapuri Garden Residency is a mixed-use development, located at Wall Tax Road, Chennai by Ratnapuri Constructions Pvt Ltd promoted by Mr. Ashwin Kamdar.
Project has saleable area of 4.29 lakh Sq. ft. with 262 units across 3 towers.
The Location
Project is located at Wall Tax Road and located in Chennai Metropolitan area.
History
Project was launched in 2012 and expected to complete by 2017-18.
However, Project got delayed due to various reasons such as cash flow mismatch, lack of additional funding, covid etc.
Overall, the project was delayed by about ~5 yrs.
SWAMIH Investment
- SWAMIH Fund invested in the project in March 2021 with a target to complete the project
- Of the committed investment of Rs 104.7 Cr, SWAMIH Fund has invested Rs 67.5 Cr so far.
- As on Sep-2024, Ratnapuri Constructions Pvt Ltd has re-paid Rs 67.5 Cr along with 12% XIRR.
SWAMIH Impact
- Project completed within ~2.5 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
- ~83 new units sold; ~155 Cr collected
- ~262 homebuyers to finally get their homes