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SWAMIH completes and exits its first NCR investment; Completes over 1,300 units
Project Overview
Pyramid Urban-67A is a residential development under Affordable Housing Policy of Haryana with total saleable area of 8.2 Sq ft and 1330 residential units and 164 comm units
Project being developed by Pyramid Infratech Pvt Ltd.
The Location
Project is located in Sector-67A, Gurugram with excellent connectivity by road (Sohna Road, NH 8) and upcoming metro
Project History
Project was launched in Mar’2018.
However, delayed due to various reasons such as Covid-19, EDC Dues and subsequently, NBFC crisis (IIFL HFL, the existing lender put a stop to further lending).
SWAMIH Investment
- SWAMIH Fund invested in the project in Jan 2021 with a target to complete the project
- Of the committed investment of Rs 135 Cr, SWAMIH Fund has invested Rs 40.0 Cr so far.
- As on June 2022, Pyramid Infratech Pvt Ltd has re-paid Rs 40.0 Cr along with 12% XIRR.
SWAMIH Impact
- Project completed within ~1.5 years of investment despite losing 2-3 months due to Covid / NGT construction Ban.
- Monitoring to ensure no diversion of funds – all inflows are used for project completion
- Contractor/vendors dues cleared. Salaries paid to the employees
- ~60 Cr collected
- 1330 homebuyers to finally get their homes