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Finance Minister Smt. Nirmala Sitharaman’s initiative brings joy to more than 700 homebuyers.
SWAMIH redeems entire capital in its First Investment
Project Overview
- Rivali Park Wintergreens is a residential development with total saleable area of 10.8L Sq ft and 708 units
- Project being developed by CCI Projects Pvt Ltd.
The Location
Project located in Borivali (East) with excellent connectivity by Road (Western Express Highway), Railway and Metro
Project History
- Project was launched in 2010
- However , delayed due to various reasons such as change in regulations, sand shortage and subsequently, NBFC crisis (Indiabulls HFL, the existing lenders put a stop to further lending)
- Overall, the project was delayed by about 5 years
SWAMIH Investment
- SWAMIH Fund invested in the project in Feb 2020 with a target to complete the project
- Of the committed investment of Rs 180 Cr, SWAMIH Fund has invested Rs 123.3 Cr so far
- As on August 2021, CCI Projects Pvt Ltd has re-paid Rs 118.3 Cr along with 12% XIRR
SWAMIH Impact
- Project completed within ~1.25 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. Salaries paid to the employees
- 63 new units sold; ~247 Cr collected
- 683 homebuyers to finally get their homes