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SWAMIH Investment Fund I - Mantri Serenity

SWAMIH Fund to exit from Rs. 230cr investment in Mantri Serenity

Project Overview

  • Mantri Serenity is a mid-income residential project located at Bengaluru developed by Castle Vistas Pvt Ltd promoted by Mr. Sushil Mantri of Mantri Developers.
  • Project has saleable area of 24.32 lakh sq.ft. with 1800 units in 4 blocks.

The Location

Project is located in emerging residential area of Kanakpura Road, Bengaluru.

History

  • Project was launched in 2011 and expected to complete by 2017-18.
  • However, delayed due to various reasons such as lack of funding from existing lender, slower sales and collection than expected.
  • Overall, the project was delayed by about 3-4 years.

SWAMIH Investment

  • SWAMIH Fund invested in the project in Sept 2020 with a target to complete the project
  • Of the committed investment of Rs 360 Cr, SWAMIH Fund has invested Rs 230 Cr so far.
  • As on 10 April 2024, Castle Vistas Pvt Ltd has re-paid Rs 230 Cr along with 12% XIRR.

SWAMIH Impact

  • Project completed within ~4 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
  • ~350 new units sold; ~450 Cr collected
  • 1800 homebuyers to finally get their homes
  • Able to resolve legal /regulatory challenges during Asset management to recover full amount.