The SWAMIH Investment Fund 1 has invested ₹ 136 crore in a gated-community project being developed by Janapriya Projects Pvt Ltd on over 8.212 acres near Sainikpuri in the city.
A category II alternative investment fund, the Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects (SWAMIH I) is a government-backed last mile financing platform for affordable housing. The ₹12,500-crore Fund, with an option of an additional ₹12,500 crore, aims to provide capital for completion of stalled housing projects in the country.
Janapriya in a release on Wednesday said the impact of COVID-19 had necessitated the need for funds. The funds from SWAMIH will give the required impetus for completion of the project. The total investment required is ₹149.62 crore, the company said. The project, Janapriya-Sitara-Lakefront, comprises a saleable area of 1.256 million sq ft. It has six towers with a mix of 2- and 3-bedroom affordable apartments. The company said it has delivered 338 apartments and with funds from SWAMIH the next phase of 1,502 apartments will be delivered within 12-30 months.
Janapriya Engineers Syndicate’s chairman K. Ravinder Reddy said construction of the entire project is expected to be completed in 36 months. On completion, it will have 2,245 affordable homes.
COMMents
SHARE