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SWAMIH Fund successfully exits from investment in Ramprastha Primera
Project Overview
Primera is a mid-income residential project in Sector 37D, Gurugram which is a part of a larger township ‘Ramprastha City’ developed by Ramprastha Promoters & Developers Pvt Ltd.
Project has saleable area of 6.58 lakh sq.ft. with 368 units across 4 towers.
The Location
Project is located in Sector-37D, Gurugram next to Dwarka Expressway
History
Project was launched in 2013.
However, delayed due to various reasons such as lack of funding (the existing lender put a stop to further lending), Covid-19, cost escalation, stuck receivables etc.
Overall, the Project was delayed by about 4 years.
SWAMIH Investment
- SWAMIH Fund invested in the project in Oct 2020 with a target to complete the project
- Of the committed investment of Rs 95.0 Cr, SWAMIH Fund has invested Rs 85.0 Cr so far.
- As on 18th July 2024, Ramprastha Promoters & Developers Pvt Ltd has re-paid Rs 85.0 Cr along with 12% XIRR.
SWAMIH Impact
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Project completed within ~2.5 years of investment despite losing 6-8 months due to Covid / NGT construction Ban
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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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~158 new units sold; ~168 Cr collected
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368 homebuyers to finally get their homes & 119 EWS units completed