SWAMIH to invest Rs 100 crore in Imperia's residential project

14 Aug 2021 CW Team

Special Window for Affordable and Mid-Income Housing (SWAMIH), a government-financed stress fund, would invest about Rs 100 crore to finish a residential project in Gurgaon.

Imperia Group is developing this project. Realty consultant JLL India promoted the deal, which would benefit 450 stuck home purchasers.

SWAMIH Investment Fund I would finance the Phase II residential project of Imperia, The Esfera in Gurgaon.

The amount sanctioned for the investment is not disclosed yet, but according to the media reports, investment by the SWAMIH fund would be nearly Rs 100 crore.

SBICAP Ventures manages the fund, a 100% subsidiary of SBI Capital Markets, a wholly-owned subsidiary of the State Bank of India (SBI).

The plan was introduced in 2012 as a 1.2 million sq ft mid-segment residential project spread across 11 acres in Sector 37 C, Gurgaon. The Centre began a SWAMIH fund to support developers who are struggling to finish their ongoing projects.

In November 2019, the central government announced a Rs 25,000 crore-special window to help finish more than 1,500 stressed housing projects, including nearly 4.58 lakh housing units.

Manish Aggarwal, JLL Managing Director (North & East India), said the residential market of India developed a lot after the second wave of the pandemic. In Gurgaon, new micro-market launches have already begun.

In the last couple of years, the supply in the market was restricted because of a lack of stamp duty benefits and circle prices.

Gurgaon market is leading in sales of high-end and upper-middle parts in the whole NCR area in the last few quarters.

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Also read: SWAMIH funds over Rs 150 cr in Tridhaatu Realty project in Chembur

Also read: SWAMIH Fund to invest in six Amrapali projects worth Rs 650 cr

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