Within about a year and a few months since it was tasked with funding stressed projects across the country, SBICAP Ventures, the manager for the government's Rs 25,000-crore stressed-asset fund, has so far accorded final approval to almost 80 real estate projects consisting of almost 50,000 units, Irfan A Kazi, Chief Investment Officer at SBICAP Ventures Ltd, told Moneycontrol.
“We have so far given final approval to 81 projects which will see completion of about 51000 homes. Of these 33 are from Delhi-NCR and will see the completion of around 28,000 homes,” he said.
A total of 133 projects have received preliminary approvals and these are expected to complete 71,000 additional homes, he said.
According to sources Oxirich Sanskriti located in Sector 33, Bhiwadi has also been provided funding recently and will see completion of around 700 homes. The Imperia Esfera project in Gurgaon’s Sector 37-C will see completion of around 450 homes and the Capital Athena project in Greater Noida will see completion of 850 homes, they said.
Ansal Housing that has raised close to Rs 100 crore for its project in Gurgaon, Ansal Highland Park, from the SWAMIH Fund in March this year will see completion of homes by March 2023, sources said.
The firm has so far sold almost 90% of the project which was launched in 2012. It comprises around 600 units, they said.
Finance Minister Nirmala Sitharaman on May 13 handed over possession to 640 homebuyers of the first stalled project completed with funding by SWAMIH Fund managed by SBICap Ventures Ltd and said that the Fund will benefit 1.16 lakh buyers whose projects had been stalled due to last mile funding issues.
Mumbai-based Rivali Park Wintergreens is the first investment by the Fund and is also the first project to be completed. It is a large project spread over 7 acres consisting of 708 units of various configurations. The project is Rivali Park Wintergreen is developed by CCI Projects Pvt Ltd (CCIPPL), an associate company of Cable Corporation of India Ltd.
The project was sanctioned Rs 180 crores by the fund as the last mile funding for completion of the project that comprises six buildings spread across 7 acres. Two towers in the initial phase have already been handed over to buyers. The total land parcel is spread across 14 acres.
In November 2019, the Central government announced a Rs 25,000-crore SWAMIH Investment Fund to help complete over 1,500 stalled housing projects, including those that have been declared non-performing assets (NPAs) or had been admitted for insolvency proceedings. The move was to help 4.58 lakh housing units across the country. Only RERA-registered projects with a positive net worth are to be provided funding.