The government-backed Special Window for Affordable and Mid-Income Housing SWAMIH Investment Fund (SWAMIH) has agreed to fund the completion of phase II of Imperia Group's Gurgaon residential project. The size of the investment has not been revealed.
Imperia Group, the developer, will be able to resuscitate and complete the project, The Esfera, and benefit close to 450 homeowners as a result of this investment, according to JLL, who served as the transaction's consultant.
SBICAP Ventures, a 100% subsidiary of SBI Capital Markets, which is a wholly-owned subsidiary of the State Bank of India, manages the Fund. JLL is the deal's exclusive transaction adviser. The Esfera in Gurgaon, a 1.2 million sq. ft. mid-segment residential project situated over 11 acres in Sector 37C, Gurgaon, was inaugurated in 2012.
The government created SWAMIH as a lifeline for the residential real estate sector, offering aid to developers struggling to finish their unfinished projects. The government proposed a Rs 25,000 crore Special Window in November 2019 to help finish over 1,500 strained housing projects with a total of 4.58 lakh housing units.
Fault lines in the real estate sector began to develop last year as a result of the pandemic's economic impact. Due to a variety of circumstances, including market conditions and the economic situation, many developers' financial flows dried up overnight, resulting in incomplete projects and affecting many house purchasers.
“After the second wave of the epidemic, India's home market has shown to be considerably more robust. New releases have already begun at the Gurgaon micro-market. Due to the circular rates and absence of stamp duty advantages, supply has been limited in this market for the past two years. However, with a slew of tier I launches in the city, things are looking up,” said Manish Aggarwal, Managing Director, North & East, JLL India.
“The fund's goal is to give money to distressed projects so that homebuyers may achieve their dream of owning a house. We are optimistic that close to 450 house purchasers will be able to move into their dream homes shortly as a result of this capital,” stated Irfan A. Kazi, Chief Investment Officer, SWAMIH Investment Fund I.
"The SWAMIH Investment Fund has placed its trust and confidence in us, which we are really grateful for. With the additional money, we hope to meet The Esfera's delivery date as soon as possible, and to set higher quality, safety, and customer experience standards." Imperia Structures Ltd's Managing Director, Harpreet Singh Batra, stated.
Source: Money Control