SWAMIH testimony of home delivery continues in South India; Over 250 homes delivered
Project Overview
Elite Acres is a residential development with saleable area of ~2.1 L Sq ft and 249 units
Project being developed by Virgo Realtors Pvt Ltd.
The Location
Project is located in Ottiyambakkam(south of Perumbakkam), Chennai
Project History
Project was launched in 2017
However, delayed due to various reasons such as delay in approvals, and subsequently, NBFC crisis and project loan turned NPA
Overall, the project was delayed by more than 2 years
SWAMIH Investment
Project was launched in 2017
However, delayed due to various reasons such as delay in approvals, and subsequently, NBFC crisis and project loan turned NPA
Overall, the project was delayed by more than 2 years
SWAMIH Impact
Project completed within ~2 years of investment despite losing 4-5 months in covid lockdowns.
Monitoring to ensure no diversion of funds u2013 all inflows are used for project completion
Contractor/vendors dues cleared. Salaries paid to the employees
193 new units sold; ~59 Cr collected
Project completion certificate received
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