Government-backed stress fund Special Window for Completion of Affordable and Mid-Income Housing has provided Rs 160 crore to Stans Buildtech Homes for the completion of a stalled housing project in Mumbai.
In a statement on Thursday, real estate consultant Colliers India said the company assisted Stans Buildtech Homes in securing financing of Rs 160 crore from SWAMIH Fund for its Slum Rehabilitation project 'Sky Annex', located in Chembur.
To provide relief to customers who have booked houses in stalled projects, the government has established a SWAMIH investment fund, managed by SBICAP Ventures.
"A legacy of issues involving tenants, flat buyers, approvals, and lack of suitable financing to meet requirements led to the project being stalled, and is now set to resume, following the deal," Colliers said.
According to sources, the project, spread over 1 acre and comprising more than 400 units, was launched in 2015 by Hilton Developers.
In 2016, Stans Buildtech entered into a joint development agreement to build this project, which later got stalled due to various issues, they added.
With SWAMIH fund, the project will now be completed by the end of 2026.
"This deal exemplifies SWAMIH Fund's commitment to understanding and resolving complex real estate situations. By providing solution capital, we are not only unlocking value for various stakeholders but also fulfilling our objective of supporting homebuyers. This transaction enhances our position as a key player in the Indian real estate markets," said Suresh Kozhikote, Managing Director & CEO, SBICAP Ventures.
Azizur Rehman Momin, Managing Director, Stans Buildtech Homes, said the company's objective, supported by the SWAMIH fund, is to guarantee the punctual completion of the project.
Piyush Gupta, Managing Director, Capital Markets & Investment Solutions for Colliers India, said the company played an active role in financing this transaction, which involved working on a solution for unlocking value for various stakeholders including landowner, developer, tenants and flat buyers.
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