SWAMIH Investment Fund I – Elite Acres

Elite Acres is a residential development with saleable area of ~2.1 L Sq ft and 249 units

Project being developed by Virgo Realtors Pvt Ltd promoted by Mr. T. Shyam Prasad

Project is located in Ottiyambakkam(south of Perumbakkam), Chennai

Project was launched in 2017

However, delayed due to various reasons such as delay in approvals, and subsequently, NBFC crisis and project loan turned NPA

Overall, the project was delayed by more than 2 years

SWAMIH Fund invested in the project in July 2020 with a target to complete the project

Of the committed investment of Rs 34 Cr, SWAMIH Fund had invested Rs 21 Cr

As on date, Virgo Realtors Pvt Ltd has re-paid entire amount along with 12% XIRR

Project completed within ~2 years of investment despite losing 4-5 months in covid lockdowns.
Monitoring to ensure no diversion of funds – all inflows are used for project completion
Contractor/vendors dues cleared. Salaries paid to the employees
193 new units sold; ~59 Cr collected
Project completion certificate received