Fund for Real Estate Credit Nisus Finance has increased its overall investment in the company's two projects to over Rs 2.50 billion by contributing over Rs 1.55 billion to a late-stage affordable housing project being constructed by Dharmadev Group in Surat, Gujarat. The project is a portion of a bigger plan situated on a 12-acre plot of land with 4.5 million square feet of space. The current project's first phase consists of 21 buildings totaling 1.3 million square feet of saleable space. With the help of Nisus BCD Advisors LLP, Nisus has made this investment in Swaminarayan Green City through its Real Estate Special Opportunities Fund-1 (RESO-1). Along with Kotak Mahindra Group's investment, RESO-1 invested Rs 0.95 billion in Dharmadev Group's late-stage commercial project located in Narol, Ahmedabad, in July 2023. Amit Goenka, MD & CEO at Nisus Finance, stated that the investment by RESO-1 promises significant returns through a structure that effectively mitigates risks, with robust asset and cash flow coverage. He noted that Surat, being a city with high growth potential, sees strong demand for affordable housing. According to him, the Dharmadev Group has a proven track record of successfully delivering affordable homes in key micromarkets in Gujarat over the past 50 years, and this project aligns with their core strengths. The investment of Rs 1.55 billion is being utilised to repay the existing lender, Omkara ARC, which had acquired the loan from Piramal Capital & Housing Finance Limited as part of the legacy DHFL loan book, and to fund the completion of the project. This investment aligns with the RESO-1 strategy, which focuses on acquiring or settling loans from previous lenders in projects characterised by substantial cash flows, extensive coverage, short exit periods, and highly attractive risk-adjusted returns compared to standard credit opportunities. The project, which has obtained all necessary approvals, aims to deliver over 1,085 apartments across 21 towers equipped with amenities, infrastructure, and fittings for homebuyers within the next 12 to 24 months. Currently, seven towers have applied for an occupation certificate, with the developer having already handed over possession of 250?300 units. Additionally, five towers are nearing completion and are expected to receive occupation certificates in the next quarter. The remaining 13 towers have completed nearly 50% of their superstructures. With the infusion of funds from Nisus Finance, it is anticipated that the project will accelerate construction activities and ensure compliance with RERA timelines and specifications.