Latest news with #SWAMIH
Hindustan Times
02-05-2025
- Business
- Hindustan Times
SG Real Estate Fund raises ₹450 crore, disburses ₹125 crore to revive two stalled real estate projects in Noida
NCR-based SGRE Fund, an Alternative Investment Fund worth ₹2,000 crore, promoted and managed by realty company Nirala World and Venture Capital firm Sea Fund, has raised ₹450 crore to invest in real estate projects of which ₹125 crore has already been disbursed to two stuck projects in Noida. SGRE Fund is a scheme-based fund and is registered with the Securities and Exchange Board of India (SEBI) under Category II. SGRE Fund will provide finance to all types of real estate companies developing both residential and commercial projects across NCR in the form of investment and loans through debenture and equity participation. It is also open to funding stuck projects. 'Funding has already been provided to two or three projects out of a total of four to five identified. Under the first scheme, ₹450 crore has been allocated, with ₹125 crore already disbursed to two stalled projects. We remain open to supporting more projects,' said Suresh Garg of Nirala World. Two payouts totaling ₹125 crore have already been made under the SGRE Fund's first program. Another round of disbursements is expected soon, as several projects are currently undergoing due diligence, including assessments of economic viability, technical feasibility, land titles, outstanding dues, and legal clearances. To support this, the fund has applied for approvals worth ₹500 crore. Additionally, SGRE Fund has applied for a second scheme, valued at ₹500 crore, which will involve equity participation to further expand its portfolio, the company statement said. Suresh Garg, promoter of SGRE Fund, said, 'Any project in need of funding can apply to us. Our legal and technical teams assess the project's feasibility, and after completing the standard evaluation process, a proposal is forwarded to the standing committee for approval. Projects with clear land titles, no legal issues, and strong economic viability are considered eligible for funding. However, the final decision rests with the investment committee.' SGRE Fund has invested in projects stalled due to funding shortages and is open to supporting those struggling to secure financing from banks, financial institutions, or other alternative investment funds. The fund is also willing to assist promoters who need to infuse initial capital to qualify for funding under the SWAMIH scheme. 'The SGRE Fund will secure its return through equity share and debenture participation,' Garg said. The fund will be raised through third-party capital from sophisticated institutional and individual investors, in line with SEBI regulations. This includes contributions from family offices, high-net-worth individuals (HNIs), insurance companies, pension funds, banks, financial institutions, sovereign wealth funds, multilateral agencies, and other institutional investors, the statement said. Garg is a chartered accountant and chairman and managing director of Nirala World. The company has delivered over 10 million sq. ft. of residential developments, including projects like Nirala Eden Park, Nirala Estate, and the ongoing Nirala Trio. The company is also preparing to launch two new commercial projects in Greater Noida West.
Time of India
02-05-2025
- Business
- Time of India
Number of homes delivered in India's top 9 cities rises to over 4 lakh in FY25
Over the past three fiscal years, the total number of residential units completed and handed over exceeded 1 million homes. (AI image) Housing deliveries in India's top 9 cities increased by 33% to 4,06,889 units in FY25, with Delhi-NCR being the only region showing a year-on-year decrease, as reported by NSE-listed data analytics organisation PropEquity . The aggregate housing deliveries across the previous three financial years exceeded 10 lakh units. The analysed cities include Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR, Mumbai, Thane, Navi Mumbai and Pune. Delhi-NCR showed an 8% reduction in housing deliveries during FY25. The remaining 8 cities demonstrated growth ranging from 22% to 88% in housing deliveries, with Kolkata showing the highest increase at 88% whilst Mumbai recorded the lowest growth at 22% in FY25. "More than 1 lakh homes have been delivered in FY25. The cause of this surge is due to the delivery of homes launched in 2018/19, the construction of which experienced some slowdown due to the pandemic and other factors. The deliveries have also been expedited due to government's SWAMIH (Special Window for Affordable and Mid-Income Housing) Fund," said Samir Jasuja, Founder and CEO, PropEquity. The report indicates that Western India (Mumbai, Navi Mumbai, Thane and Pune) contributed 55% of total housing deliveries in FY25, increasing from 53% in FY24. Southern India (Bengaluru, Chennai and Hyderabad) represented 30%, up from 28% in FY24. Kolkata's contribution rose to 4% in FY25 from 3% in FY24. Delhi-NCR's share decreased to 11% in FY25 from 16% in FY24.
Time of India
01-05-2025
- Business
- Time of India
Over 4 lakh homes delivered in FY25, 33% Y-o-Y increase
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The number of homes delivered in India 's top 9 cities have risen by 33% to 4,06,889 units in FY25 with only Delhi-NCR witnessing a Y-o-Y decline, according to a report by NSE-listed data analytics firm this, the total homes delivered in the last three financial years stood at over 10 lakh top 9 cities are Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR, Mumbai, Thane, Navi Mumbai and Pune. Delhi-NCR bucked the trend with 8% decline in the number of homes delivered in other 8 cities witnessed 22-88% growth in number of homes delivered with Kolkata (88%) rising the most and Mumbai (22%) rising the least in FY25.'More than 1 lakh homes have been delivered in FY25. The cause of this surge is due to the delivery of homes launched in 2018/19, the construction of which experienced some slowdown due to the pandemic and other factors. The deliveries have also been expedited due to government's SWAMIH (Special Window for Affordable and Mid-Income Housing) Fund,' said Samir Jasuja, Founder and CEO, to the report, Western India (Mumbai, Navi Mumbai, Thane and Pune) accounted for 55% of the total homes delivered in FY25, a rise from 53% in FY24 while Southern India (Bengaluru, Chennai and Hyderabad) accounted for 30% share, a rise from 28% in FY24. Kolkata accounted for 4% share in FY25, a rise from 3% in accounted for 11% share in FY25, a decline from 16% in FY24.
Hindustan Times
30-04-2025
- Business
- Hindustan Times
Over 4 lakh homes delivered in top nine cities in FY25; Delhi-NCR market sees a decline: PropEquity
The number of homes delivered across India's top nine cities surged 33% year-on-year to reach 4,06,889 units in FY25, according to a report by NSE-listed data analytics firm PropEquity. The growth is attributed to government initiatives promoting affordable housing, SWAMIH Fund and increased pressure on developers to adhere to project deadlines. Delhi-NCR was the only region to witness a decline, with home deliveries falling 8% from the previous year. In contrast, the remaining eight cities recorded growth ranging from 22% to 88%, with Kolkata leading the trend at 88%, while Mumbai saw the most modest rise at 22%. As many as 406,889 homes were delivered in FY25 and 306,600 the year before, according to data analytics firm PropEquity. Kolkata clocked an 88% year-on-year (Y-o-Y) increase in unit deliveries: 9,441 in FY24 and 17,718 in FY25. Hyderabad and Chennai followed with increases of 61% and 49%, respectively, the report noted. Delhi-National Capital Region (NCR) reported an 8% decline: 44,423 units in FY25 compared to 48,388 units the year before. With this, the total homes delivered in the last three financial years stood at over 10 lakh units, it noted. According to the report, Western India (Mumbai, Navi Mumbai, Thane and Pune) accounted for 55% of the total homes delivered in FY25, a rise from 53% in FY24 while Southern India (Bengaluru, Chennai and Hyderabad) accounted for 30% share, a rise from 28% in FY24. Kolkata accounted for 4% share in FY25, a rise from 3% in FY24. Delhi-NCR accounted for 11% share in FY25, a decline from 16% in FY24. The top 9 cities are Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR, Mumbai, Thane, Navi Mumbai and Pune. 'More than 1 lakh homes have been delivered in FY25. The cause of this surge is due to the delivery of homes launched in 2018/19, the construction of which experienced some slowdown due to the pandemic and other factors. The deliveries have also been expedited due to government's SWAMIH (Special Window for Affordable and Mid-Income Housing) Fund. The strict compliance and implementation under RERA have also played a major role in developers adhering to project delivery timelines,' said Samir Jasuja, founder and CEO, PropEquity. 'The positive market sentiments over the past couple of years have ensured strong cash-flows and faster project executions. As reputed and branded developers increase their market share, this trend in delivery of homes is expected to continue. SWAMIH 2.0 will also play a significant role in expediting delivery of stalled projects,' he said.
