SWAMIH Investment Fund 1 invests Rs 136 crore in Janapriya’s Hyderabad project
Hyderabad: The Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects (SWAMIH I), a government-backed last mile financing platform for affordable housing, has made an investment in a large gated-community project in Janapriya – Sitara-Lakefront, spread over 8.21 acres near Sainikpuri in Hyderabad. The project is being developed by Janapriya and comprises […]
Hyderabad: The Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects (SWAMIH I), a government-backed last mile financing platform for affordable housing, has made an investment in a large gated-community project in Janapriya – Sitara-Lakefront, spread over 8.21 acres near Sainikpuri in Hyderabad.
The project is being developed by Janapriya and comprises a saleable area of 1.256 million sq ft. The fully approved project is in one of the fastest growing areas of Hyderabad surrounded by fully developed infrastructure.
The impact of the Covid-19 has necessitated the need for funds and SWAMIH Investment Fund 1 having provided the funds, will give the required impetus for the completion of this project. The total investment required is Rs 149.62 crore and the government fund has invested Rs 136 crore in this project.
The project has six towers with a mix of two and three-bedroom affordable apartments. Janapriya has already delivered 338 apartments in the same project. With the fund infusion by SWAMIH, the project’s proposed next phase with 1502 apartments will be delivered in the next 12 to 30 months.
According to Janapriya Engineers Syndicate’s chairman K Ravinder Reddy, the construction of the entire project is expected to be completed in 36 months. On completion, the entire project will house 2,245 affordable homes (all 10 blocks total units). The investment banker for this transaction was THI Arbitrage Partners-Mumbai led by Nakshatra Roy and his team.
SWAMIH is a category II alternative investment fund which was announced by finance minister Nirmala Sitharaman in September 2019 and was approved by the cabinet in November 2019. The Rs 12,500-crore fund, with a green-shoe option of an additional Rs 12,500 crore, aims to provide capital for completion of stalled housing projects.
The central fund has given final approval to 93 projects which will help complete 57,000 houses and apartments across the country, while another 142 projects have received preliminary sanction that could help complete another 78,000 units.
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