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Bengaluru: Mantri Serenity gets SWAMIH Investment Fund boost
Real estate firm Mantri Developers will revive its dream residential project ‘Mantri Serenity’ in the city, with funding from SWAMIH Investment Fund initiated by the government of India
Bengaluru: Real estate firm Mantri Developers will revive its dream residential project 'Mantri Serenity' in the city, with funding from SWAMIH Investment Fund initiated by the government of India.
Chosen the first beneficiary of the SWAMIH Investment fund in Bangalore, it is a big boost for Mantri Developers.
Mantri Serenity is located along Kanakapura main road, in the vicinity of technology hub of the country. With the investment boost, Mantri Developers hopes to turn the tide in the domestic real estate market, which has been affected by financial slowdown in the overall realty sector in the wake of Covid-19 outbreak.
National president of Bharatiya Janata Yuva Morcha and parliament member Tejasvi Surya said, "In the interest of more than 3,000 families, I requested Minister of Finance Nirmala Sitharaman and officials of SBICAP ventures to sanction SWAMIH funds for the completion of the Mantri Serenity project. The project has become the first from Bengaluru to receive assistance from SWAMIH funds. I'm grateful to the Narendra Modi government for its assistance package to stressed real estate projects. I request Mantri Developers to deliver the homes soon."
Mr. Sushil Mantri, Chairman & Managing Director, Mantri Developers, says, "We are humbled to be chosen as the first company to be allocated money under the SWAMIH Investment Fund. Our track record and happy customers have restored the faith in our ability to deliver. The move marks an important milestone for the Mantri Serenity project in particular and the real estate market in Bangalore. With this financial closure of last-mile funding, we will be able to speed up the remaining construction and reach an early completion of the project, so that we can deliver homes to our customers in the next 12-24 months."
In the last few years, home buyers have preferred completed projects over projects under construction. In addition to this, several developers and real estate firms in the country have been cash-strapped for last-mile funding, under the effect of unsold inventory and slow sales. As a result, several projects, including Mantri Serenity, have been stalled.
The Rs 25,000-crore SWAMIH Investment Fund is a special window formed by GOI, to ensure completion of stalled brownfield projects, which are networth positive, in the affordable housing/mid-income category. With support from the 'alternative investment fund', RERA registered developers and builders have an opportunity to complete their projects and deliver homes to buyers.
The funds sponsored by the Ministry of Finance, Government of India. SBICAP Ventures, a wholly owned subsidiary of SBI Capital Markets, is the investment manager of the fund.
Irfan A. Kazi, Chief Investment Officer, SWAMHI Fund, SBICAP Ventures, said, "We are happy to invest from our stressed asset fund created to give an impetus to completion of affordable and mid-income residential housing projects. Our mandate is to provide the last-mile funding required to complete such projects to ensure delivery of homes to buyers. By taking this initiative, we are reaching out to the developer and homebuyers to assist us in fulfilling our mandate and completing their homes. This is expected to be the first of several projects in Bengaluru that we expect to fund to complete construction.