CCI projects to deliver 700 house units in April completed with SWAMIH funding

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CCI Projects Pvt Ltd a Mumbai-based real estate company residential project "Rivali Park" is among the first project in the country to have received funding for stuck projects under the government-sponsored Rs 25,000 crore SWAMIH Fund.

The project was sanctioned Rs 180 crores by the fund as the last mile funding for the completion of the project that comprises six buildings spread across 7 acres. Two towers in the initial phase have already been handed over to buyers. The total land parcel is spread across 14 acres.

Rohan Khatau, director, CCI Projects Pvt Ltd said, “All the six buildings are complete. The completion of the project by April will benefit around 600+ homebuyers,”.

He also added, “An amount of Rs 180 crore was a conservative estimate that we arrived at together as we did not want an aggressive business plan on collection and sales. We were not too sure about cash flows and therefore a conservative estimate of Rs 180 crore was drawn up and Rs 117 crore have been sanctioned to us,”

The project received the last mile funding from SWAMIH Fund last year in February. But due to COVID-19 initial 4 to, 5 months were washout due to the unavailability of the labor force.

As per RERA timelines, the original completion timeline was December 2019, which was extended until December 2020. An extension of six months has been provided by the Authority due to COVID-19. June 2021 is the new RERA timeline for the delivery of the project.

The project offers 708 apartment which spread over 6 building and each of the towers are of different heights. The project consists of two 42-storey buildings, high-rise towers, two 11-storey and two 7-storeys.

The fund, set up under the Special Window for Affordable and Mid-Income Housing (SWAMIH) by the government, is looking to complete 17 projects by March 2022.

As of November 2019, the central government announced a Rs 25,000-crore SWAMIH Investment Fund to help complete over 1,500 stalled housing projects, including those that have been declared non-performing assets (NPAs) or had been admitted for insolvency proceedings.

As of the end of 2020, there are a total of 5.02 lakh units that are stuck or delayed across the top seven cities. Their total value is estimated at over Rs 4.07 lakh crore, an analysis by Anarock has said, adding that National Capital Region (NCR) and the Mumbai Metropolitan Region (MMR) together account for a 74% majority share of currently stuck/delayed units, while the southern metros of Bengaluru, Chennai, and Hyderabad add up to a small 8 percent.

SWAMIH Fund –

SWAMIH is a category II Alternative Investment Fund (AIF) that was announced by Finance Minister Nirmala Sitharaman in September 2019 and was approved by the Cabinet in November 2019. The fund has cleared investments worth more than Rs 13,200 crore for 136 projects, and deployment of funds has begun across 36 projects.

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