SWAMIH Investment Fund I – Zen Residences

SWAMIH continues project completion spree; Exits another investment in Gurgaon in less than 15 months

Zen Residences is a residential development with total saleable area of 3.39 Lac.Sq ft and 226 units

Project being developed by Advance India Projects Limited

Project is located in Sector 70A, Gurgaon with good connectivity by road

Project was launched in 2015.

However, delayed due to various reasons such as low collections, non-availability of working capital line, manpower shortage etc.

Overall, the project was delayed by about 4 years.

SWAMIH Fund invested in the project in Nov 2021 with a target to complete the project
Of the committed investment of Rs 81.8 Cr, SWAMIH Fund has invested Rs 10 Cr so far.
As Jan 2023, Advance India Projects Limited has re-paid Rs 10.0 Cr along with 12% XIRR.

One tower was fully completed and one tower was partly completed within ~1.0 years of investment.
Monitoring to ensure no diversion of funds, Inflows used for project completion & landowner sharing
Contractor/vendors dues cleared. Salaries paid to the employees
33 new units sold; ~72.7 Cr collected
212 homebuyers to finally get their homes