Rescue to recovery: SWAMIH Fund helps ready ATS project in Gurgaon
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The repayment, comprising Rs 133 crore in principal and Rs 57 crore in interest, comes as the project off Dwarka Expressway has been completed, with all six towers receiving occupancy certificates. The development represents a successful intervention by the SWAMIH Fund, which was established in 2019 to revive stressed housing projects.
The project's journey to recovery began in Feb 2021, when SWAMIH Fund stepped in during a critical phase.
At that time, around 4.5 lakh sqft remained unsold, with prices hovering between Rs 6,000 and Rs 6,500 per sqft. The project had been struggling since the 2018 NBFC crisis and was further impacted by the Covid pandemic.
The turnaround, though, has been remarkable. Current market rates have more than doubled to Rs 13,500-15,000 per sqft, and over 150 families have already moved into the 422-unit complex. The completion of the Dwarka Expressway, providing crucial connectivity to IGI Airport, Delhi, and key Gurgaon sectors, has been a significant factor in this recovery.
"The completion of ATS Marigold and the successful early repayment of the SWAMIH investment reflect the strong execution capabilities of the ATS brand and the trust it enjoys among homebuyers. The project stands as a clear example of how effective the SWAMIH Fund has been in enabling the revival and completion of stressed mid-income housing projects," said Udaivir Anand, managing director of ATS.
The SWAMIH Fund, launched by the Centre with a corpus of Rs 15,530 crore, is managed by SBICAP Ventures Ltd, a State Bank of India subsidiary.
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"The fund's intervention in ATS Marigold demonstrates its effectiveness in reviving stalled projects and protecting homebuyers' interests in the middle-income segment," an official said.
Sources familiar with the transaction confirmed that multiple factors, including the significant appreciation in property values and timely delivery, contributed to the early loan repayment, making this one of the fund's success stories in the residential real estate sector.
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