ATS group repays ₹133 Crore to SWAMIH fund for Gurugram's ATS Marigold project
The company has repaid ₹133 crore investment made from the SWAMIH (Special Window for Affordable and Mid-Income Housing) Investment Fund I for its residential project 'ATS Marigold', located on the Dwarka Expressway in Gurugram.
"We have given exit to SWAMIH Fund in our Gurugram project 'ATS Marigold' by repaying ₹133 crore principal amount," said Udaivir Anand, Managing Director, ATS Group. The company paid ₹57 crore as interest.
He said the fund has helped in completing this project, which has 422 units across six towers.
The company got this fund at a time when the project was facing a huge cash-crunch because of slow sales in view of the Covid-19 pandemic.
ATS Infrastructure has also obtained occupation certificate from the authorities.
In this project, the SWAMIH fund entered in February 2021, when the project had nearly 4.5 lakh sq ft of unsold inventory and relatively subdued sales momentum.
The average price point at the time was ₹6,000-6,500 per sq ft. The current market prices in the project are reported in the range of ₹13,500-15,000 per sq ft.
The project, which faced construction slowdowns due to NBFC crisis in 2018 and during the Covid-19 pandemic, benefitted from last-mile funding provided under the government-backed stress resolution fund.
In November 2019, the Centre announced a stress fund named SWAMIH to complete stalled housing projects across India. The first fund, with a corpus of ₹15,530 crore, is being managed by SBICAP Ventures Ltd, a State Bank Group company.
Following the success of the first fund, the government in this year's Budget announced a fresh ₹15,000 crore 'SWAMIH Fund' for completion of 1 lakh units in stalled housing projects across various cities, a move aimed at providing relief to distressed homebuyers whose investments are stuck.
Noida-based ATS Group is one of the leading player in the Delhi-NCR residential real estate market.
ATS Group firm ATS Homekraft has sold properties worth ₹2,000 crore on Dwarka expressway and Yamuna Expressway (near the upcoming Jewar Airport) in the last few months.
The company is in the process of launching end user focussed projects in Gurgaon and North Delhi.
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