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SWAMIH delivers first slum rehab project in Mumbai, redeems entire investment
Project Overview
MK Gabino is a slum rehabilitation project with total saleable area of 0.7L sq. ft. and 105 units. In addition, there are 152 rehab units to be constructed and handed over to SRA
Developed by AR Amboli Developers Pvt Ltd.
The Location
Project is located in Amboli area in Andheri West, Mumbai.
Project History
Project was launched in 2018. However, it was delayed due to inadequate funding and covid impact.
Overall, the project was delayed by ~2 years.
SWAMIH Investment
- SWAMIH Fund invested in the project in Oct 2020 for project completion.
- Out of sanction amount of Rs 52 Cr, SWAMIH Fund has invested Rs 25 Cr.
- AR Amboli Developers has fully re-paid Rs 25 Cr along with 12% XIRR.
SWAMIH Impact
- Project completed within ~2 years of investment despite losing 4-5 months in covid lockdowns.
- Monitoring to ensure no diversion of funds – all inflows used for project completion
- Vendors dues/ overdue rents cleared. Salaries paid to employees.
- 70 new units sold; ~55 Cr collected.
- 105 homebuyers and 152 slum dwellers got their homes.