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SWAMIH Investment Fund I - Gem Paradise


Gem Paradise is a residential society development project with total carpet area of 0.56L Sq ft and 67 units

Project being developed by Vayuputra Builders & Infrastructures Pvt Ltd promoted by Mr. Shrinivas Nadgauda

The Location

Project is located in D N Nagar, Andheri (West) with excellent connectivity by road, rail and metro


Project was re-launched in 2017 after removal of previous Developer in 2014.

Due to long history of litigation along with NBFC crisis and it being 1st project of Developer, funding became a challenge.

Overall, the redevelopment was delayed by about 10 years.

SWAMIH Investment

SWAMIH Fund invested in the project in Mar 2021 with a target to complete the project.

Of the committed investment of Rs 36 Cr, SWAMIH Fund invested Rs 12.0 Cr.

As on 7th Jul 2022, VBIPL repaid Rs 12.0 Cr along with 12% XIRR.


  • Project completed within ~1. 5 years of investment despite losing 3-4 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
  • 28 new units sold; ~44 Cr collected
  • 67 homebuyers + society members to finally get their homes