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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