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SWAMIH Investment Fund I - Taruchaya Residency

SWAMIH Fund to exit from Rs. 35cr investment in Taruchaya Residency

Project Overview

  • Taruchaya Residency is a mid-income residential project located at Jaipur developed by Taruchaya Colonizers Pvt Ltd (Vilasa Group) promoted by Mr. Pankaj Khandelwal.
  • Project has saleable area of ~5 lakh sq.ft. with 394 units in 3 buildings.

The Location

Project is located in emerging residential area of Ajmer Road, Jaipur

History

  • Project was launched in 2016 and expected to complete by 2019.
  • 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 2 years.

SWAMIH Investment

  • SWAMIH Fund invested in the project in Oct 2020 with a target to complete the project
  • Of the committed investment of Rs 50.0 Cr, SWAMIH Fund has invested Rs 35.0 Cr so far.
  • As on 31 March 2024, Taruchaya Colonizers Pvt Ltd has re-paid Rs 35.0 Cr along with 12% XIRR.

SWAMIH Impact

  • Project completed within ~2.0 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
  • ~130 new units sold; ~120 Cr collected
  • 281 homebuyers to finally get their homes