Mumbai: SWAMIH fund exits Rivali Park project after developer repays capital borrowings

The Finance Ministry on Thursday announced the complete exit of SWAMIH Investment Fund from an investment made for the construction of the CCI Rivali Park Wintergreen housing project in Mumbai. “The fund achieved its twin targets – complete the project and redeem its investment successfully,” tweeted the official handle of the Finance Ministry.

The Rivali Park project in Borivali was launched in 2010 and was stalled due to lack of funds. It was one of the four Mumbai projects which were approved for initial funding by the Rs 20,000 crore alternate investment fund announced by Finance Minister Nirmala Sitharaman.

SWAMIH fund managed by SBICAP Ventures evaluated the project and made the investment in February 2020 to give hope to desperate homebuyers stuck in the project. The project was completed and became the first housing project to be completed with SWAMIH investment. It received the occupancy certificate in April 2021 despite two Covid lockdowns.

The ministry said SWAMIH’s professional team conducted detailed technical due diligence, provided the required funding, effectively monitored the construction and cash flows, and catalysed sales while focusing on project completion.

“SWAMIH Impact - 700+ homes delivered in Rivali Park, generating cash flows for existing lenders, unlocking of capital for developers and investors,” the finance ministry said on Twitter.

“SWAMIH has given final approval to 95 projects sanctioning more than Rs 9,500 crore which will complete over 57,700 homes. It has already completed 1500+ homes in seven projects and is on track to complete at least 10,000 homes every year,” the ministry said in a series of tweets.

Reacting to the announcement of SWAMIH exit, Rohan Khatau, Director, CCI Projects Pvt. Ltd - Rivali Park, said, “Our vision to deliver Rivali Park’s Wintergreen project to the homebuyers was brought true by the support of the SWAMIH Fund initiative. It gives us immense pleasure to announce that we have successfully repaid the capital sanctioned by the Ministry of Finance as part of the SWAMIH Fund initiative. This support enabled us to navigate the adverse situations and successfully complete the project and hand over possession to our homebuyers. We thank and appreciate the faith and trust bestowed upon us and the project by the Ministry and SBI Caps Team.”