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Overview
Rivali Park Wintergreens is a residential development with total saleable area of 10.8L Sq ft and 708 units
Project being developed by CCI Projects Pvt Ltd promoted by Mr. Hiten and Rohan Khatau
The Location
Project is located in Borivali (East) with excellent connectivity by road (WEH), rail and upcoming metro
History
Project was launched in 2010.
However, delayed due to various reasons such as change in regulations, sand shortage and subsequently, NBFC crisis (Indiabulls HFL, the existing lenders put a stop to further lending)
Overall, the project was delayed by about 5 years.
SWAMIH Investment
SWAMIH Fund invested in the project in Feb 2020 with a target to complete the project
Of the committed investment of Rs 180 Cr, SWAMIH Fund has invested Rs 123.3 Cr so far.
In October 2021, CCI Projects Pvt Ltd has repaid entire investment amount along with 12% XIRR.
SWAMIH Impact
- Project completed within ~1.25 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
- 708 homebuyers finally got their homes