Nisus Finance invests Rs 24.5 crore in delayed Greater Noida project

The investment has been made out of the company’s Real Estate Special Opportunities Fund-1 (RESO-1) fund.

Mumbai-based Nisus Finance has recently invested Rs 24.5 crore in a residential group housing project in Greater Noida.

The investment has been made out of the company’s Real Estate Special Opportunities Fund-1 (RESO-1) fund. RESO-1 is a Rs 500 crore fund with a Rs 200 crore green shoe option.

The project, Skytech Colours Avenue in Sector 10, Greater Noida (west), is spread over 12,091 square metres, and comprises a total saleable area of about 6,80,000 square feet across five towers. About 30 percent of the project has been completed and sold.

Skytech Group, the developers, had taken construction finance from Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCL). Along with Nisus Finance, SWAMIH has also invested to take the project to completion. The infusion of funds have helped settle the dues of RHFL and RCFL, who have exited the project.

After SWAMIH, Nisus Finance holds the second charge on the project.

"This investment is central to our strategy of generating significant alpha through a strong risk-mitigated structure and high asset and cash flow cover. Our partnership with SWAMIH Fund is the culmination of our extensive mutual understanding in capitalising highly value-accretive projects in a short period, and also successfully exiting our investments quickly,” said Amit Goenka, MD and CEO, Nisus Finance.