SBICAP clears 101 proposals of ₹10,000-cr for stressed realty projects
The government-sponsored SBICAP Ventures managed last-mile funding for stressed real estate projects has cleared investments worth over ₹10,000 crore for 101 proposals benefiting about 71,000 homebuyers across the cities. The fund, Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects (SWAMIH I), has cleared these applications from realty developers for their stressed projects in the past 7 months including the lockdown period. Irfan A. Kazi, Chief Investment Officer, SWAMIH Investment Fund I informed that there is a flow of deals and it has managed to achieve this milestone despite the lockdown. The fund is now sanctioning proposals at a 12% internal rate of return (IRR) as against earlier return expectations of 15%. A total of 22 projects with over 20,000 affected homebuyers have started receiving funds. Finance Minister had announced the SWAMIH Investment Fund I that has so far approved ₹8,767 crore for 81 stressed residential projects. These projects are spreading across a mix of markets including the NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Chennai, Pune and tier-II locations including Nagpur, Jaipur, Nashik, Vizag, Chandigarh, Karnal, Panipat, Lucknow, Surat, Dehradun and Kota among others.
📅Published on:
26 August 2020
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