Introduction
Vatika Group’s delayed, real estate project in Gurgaon, the Special Window for Affordable & Middle-Class Housing (SWAMIH) Fund, estimated at Rs. 340 crores have been approved.
Table of Contents
- SWAMIH Fund Financial Assistance to Stalled Projects
- SWAMIH Fund Approves: For Real Estate Project Rs. 207 crores
- Swamih Investment Fund Helps Affordable Projects
Nestled on a sprawling 14-acre land, the project boasts an impressive 1.4 million square feet of salable space, making it one of the largest residential developments in the area. It’s been a decade since the project’s inception, and it has come a long way since then.
With a total of six hundred flats, it offers a wide variety of living spaces that cater to every lifestyle. Interestingly, one hundred and fifty of these flats were already sold before Swami’s involvement, highlighting the popularity of the project even before its completion.
SWAMIH Fund Financial Assistance to Stalled Projects.
In the NCR, many programs provide financial assistance. We conduct extensive due diligence before accepting funding. According to a person aware of the development, “The Vatika project still needs significant development. So it will take a significant amount of money to complete.”
SWAMIH’s intervention resulted in a steep increase in project costs. Investors are eager to invest. “We are seeing a steady flow of buyers and SWAMIH’s investment has helped create a positive environment.”
SWAMIH Fund Approves: For Real Estate Project Rs. 207 Crores
Most of the Phase-I construction is already underway. But the development of phase 2 has already started, said Shivang Suraj, founder and director of Inframantra India Pvt. Ltd., the company responsible for project marketing.
By October 2024, Phase 1 of the project should begin handing over possession. The developer plans to complete it by January 2026. To complete a stalled real estate project in Greater Noida, SWAMIH had previously spent Rs. 207 gave.
As a result, 1,000 home buyers for the Sikka Kimaya Greens project will receive their homes on schedule. In the National Capital Region, more than thirty projects have been authorized for financing by the Swamy Fund.
Swamih Investment Fund Helps Affordable Projects
The purpose of the SWAMIH Investment Fund is to complete the construction of brownfield, RERA-registered, middle-income, net-worth-positive residential developments for affordable housing.
Liquidity problems have affected all asset sectors. But the residential real estate market has been badly hit. In November 2019, the national government allocated Rs. 25,000 crores to propose a special window. 1,500 strained housing projects will help to complete a total of 458,000 housing units to reduce this bottleneck.
The move is in response to distressed residential real estate properties still under development, including those that have entered bankruptcy proceedings and are considered non-performing assets.
Conclusion
Vatika Group’s latest, real estate project in Gurgaon, Special Window for Affordable & Middle-Class Housing (SWAMIH) Fund, estimated at Rs. 340 crores has been sanctioned. For more information, visit openplot.
Also read: RERA Cancels Registrations for 5 Housing Projects in Gurugram