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Time of India
01-08-2025
- Business
- Time of India
Rescue to recovery: SWAMIH Fund helps ready ATS project in Gurgaon
Noida: ATS Infrastructure has repaid Rs 190 crore to the govt-backed SWAMIH Investment Fund I, marking an early closure of the last-mile funding that rescued its ATS Marigold project in Gurgaon from construction delays. Tired of too many ads? go ad free now 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. Tired of too many ads? go ad free now "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.
Hindustan Times
31-07-2025
- Business
- Hindustan Times
ATS group repays ₹133 Crore to SWAMIH fund for Gurugram's ATS Marigold project
Realty firm ATS Infrastructure has repaid around ₹190 crore as principal and interest to a government-backed stress fund SWAMIH, which had invested ₹133 crore in its stalled housing project in Gurugram. Noida-based ATS Group is one of the leading player in the Delhi-NCR residential real estate market.(Bloomberg File) 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.
