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.
ADVERTISEMENT
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.