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GoI funded, SWAMIH Fund exits its investment in another MMR project; 120 plus units handed over
Project Overview
Upper East 97 is a residential development project with total carpet area of ~1.3L sq. ft. and 129 units.
Project being developed by Prima Terra Buildtech Pvt. Ltd.
The Location
Project is located in Upper Govind Nagar area in Malad East, Mumbai.
History
Project was launched in 2015. However, it was delayed due to delayed approvals, cost overruns and inadequate funding.
Overall, the project was delayed by >5 years.
SWAMIH Investment
- SWAMIH Fund invested in the project in Feb 2021 for project completion
- Out of sanction amount of Rs 75 Cr, SWAMIH Fund has invested Rs 32 Cr.
- Prima Terra Buildtech has fully re-paid Rs 32 Cr along with 12% XIRR
SWAMIH Impact
- Project completed within 2 years of investment despite losing initial 4-5 months for receipt of approvals.
- Monitoring to ensure no diversion of funds – all inflows used for project completion
- Vendors dues cleared. Salaries paid to employees.
- 25 new units sold; ~72 Cr collected.
- 129 homebuyers got their homes.