The SWAMIH investment fund (Special Window for Affordable & Mid-Income Housing) recently approved a fund for Rs 90 crores to fulfil a Meerut project that stalled for a long time. The information is given by three people who worked for the development. The project was started in 2015 but has seen zero progress since 2018. The funding of Rs 75 crores was made for construction and the other 14.5 crores as funds for any future possibility.
The founder partner at FYG advisory, Hirvita Desai, said that after researching and going in-depth with the project, they realised that it is perfect for the SWAMIH investment fund. The FYG advisory has transacted the amount.
He further added that Meerut being a 2-tier city and this being the first real estate project of the developer, the government backed the developer with the fund and agreed to provide last-mile funding.
Irfan A Kazi, CIO at SWAMIH Investment Fund, stated that they would not like to comment on how many transactions they have made individually. However, Rs 145 crore is the total cost of the project, from which Rs 50 crores have already been invested.
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A Quick History of the Meerut Project
The Sikka Group (RERA NCR) started the project with a local land owner. The project was named “Sikka Krissh Greens.” It was under the construction of a company named Navgrah Developer. An individual investor currently takes over the Navgrah Developer.
There will be eight towers for residential purposes spread over 650,000 sq ft. Out of all, half of the commodities were sold by the JV Firm.
At present, the project is taken over by Dinesh Gupta. He is a very known name as he belongs to a business family and has had a business for more than 75 years in the city of Meerut city NCR Uttar Pradesh.
Dinesh Gupta said, “Sikka Group had some liability with us, and we decided to complete the project by giving exit to the JV partner. We got the paperwork done in April and invested some money to resume the construction.”
He added that by 2023 they would end the project with the funds they facilitated. Also, the balance payments from the old buyers will resume, and the selling of new housing units will start.
