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SWAMIH Investment Fund I - Paranjape Blueridge

SWAMIH Fund to exit from Rs. 36cr investment in Paranjape Blueridge(T24/25)

Project Overview

  • Paranjape Blueridge(T24/25) is a mid-income residential project part of 100 acre plus township located at Pune developed by Paranjape Schemes Construction Ltd
  • Project has saleable area of ~3.5 lakh sq.ft. with 248 units in 2 buildings.

The Location

Project is located in the established IT hub of Hinjewadi, Pune.

History

  • Project was launched in 2018 and expected to complete by 2020.
  • However, delayed due to various reasons primarily being lack of funding from existing lender project got delayed
  • Overall, the project was delayed by about 2 years.

SWAMIH Investment

  • SWAMIH Fund invested in the project in May 2021 with a target to complete the project
  • Of the committed investment of Rs 80 Cr, SWAMIH Fund had invested Rs 36 Cr so far.
  • As on March 2024, Paranjape Schemes has re-paid Rs 36 Cr along with 12% XIRR.

SWAMIH Impact

  • Project completed within ~3 years of investment and 8 months before RERA completion date
  • Monitoring to ensure no diversion of funds – all inflows are used for project completion
  • Contractor/vendors dues cleared. Salaries paid to the employees
  • ~72 new units sold; ~107 Cr collected
  • 248 homebuyers to finally get their homes