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SWAMIH Fund successfully exits from investment in Vedantam Minaret
Project Overview
Vedantam Minaret is a mid-income residential project in Indirapuram, Ghaziabad developed by Magus Consortium Orchid Avenue Pvt Ltd. managed by 4 professional promoters.
Project has saleable area of 1.44 lakh sq.ft. with 112 units across 1 tower.
The Location
Project is located in Indirapuram, Ghaziabad near to Delhi Meerut Expressway.
History
Project was launched in 2012.
However, delayed due to various reasons such as lack of funding, Covid-19, cost escalation, stuck receivables etc.
Overall, the Project was delayed by about 5 years.
SWAMIH Investment
- SWAMIH Fund invested in the project in Dec 2020 with a target to complete the project
- Of the committed investment of Rs 24.7 Cr, SWAMIH Fund has invested Rs 17.69 Cr so far.
- As on 15th May 2024, Magus Consortium Orchid Avenue Pvt Ltd has re-paid Rs 17.69 Cr along with 12% XIRR.
SWAMIH Impact
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Project completed within ~2.4 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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~34 new units sold; ~30 Cr collected
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112 homebuyers to finally get their homes