SWAMIH Investment Fund I – Newa Bhakti Park

Newa Bhakti Park is a residential development with total saleable area of 1.9L Sq ft and 108 units

Project being developed by Newa Technocity (I) Pvt Ltd promoted by Mr. Mithubhai and Mr. Chetan Mav.

Project is located in Airoli, very near to Accenture IT park, close to Thane Belapur road & Eastern express highway

Project was launched in 2017.

However, delayed due to inadequate funding and covid impact.

Overall, the project was delayed by about 3 years.

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

Of the committed investment of Rs 41 Cr, SWAMIH Fund has invested Rs 20 Cr.

As on today, Newa Technocity (I) Pvt Ltd has fully re-paid Rs 20 Cr 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
12 new units sold; ~25 Cr collected
108 homebuyers to finally get their homes