During the panel discussion, “Out of Box Financing Strategies: Real Estate Investment Trends," Kader shared his insights on the Fund's unique approach and its impact, potential for platform-level equity deals, and sustainability of return expectations in RE alternatives in the context of macroeconomic factors. As we embark on the new fiscal year, the panel of industry experts highlighted many crucial aspects of the RE sector and deliberated on the roadmap ahead for investments.
SVL participated at the recently held CREDAI National Convention in Egypt. The company was represented by Abdul Kader Suriya and Rajat Goyal, Principals, at SWAMIH Investment Fund I.
CREDAI NATCON 2023 transcended borders and promises to be the driving force for new ventures and collaborations, shaping the future of both nations. As SBICAP Ventures remains committed to Nation Building by elevating India’s real estate industry, the roadmap ahead aims to leave a positive imprint on countless lives and livelihoods.
Nikhil Kejriwal of SWAMIH Investment Fund was member of the panel which discussed “Unleashing the future of last mile funding" at the ‘Indian Real Estate: Housing Conference’ by RICS. The deliberations shed light on how embracing innovation can drive positive change while maintaining a strong focus on sustainability. Nikhil emphasised on collaboration as a catalyst for industry growth which resonated with all attendees, reinforcing the importance of unity in achieving common goals.
The sessions at the conference explored emerging trends, schemes, innovative approaches, and potential disruptions in the industry, providing participants with a forward-looking perspective on the future of last-mile funding.
Abdul Kader Suriya of SWAMIH Investment Fund attended the NATIONAL REAL ESTATE DEVELOPMENT COUNCIL (NAREDCO) Real Estate Conference in Hyderabad, promoting knowledge sharing between all relevant stakeholders.
He presented the Fund's overarching goals, its strategic approach, unique differentiators, and the promising path ahead.
SBICAP Ventures Limited recently marked a momentous occasion by celebrating the successful completion of 100 Investment Committee Meetings by SWAMIH Investment Fund I.
The fund directly contributes to India's advancement in United Nations Sustainable Development Goal #11: Sustainable Cities and Communities – Affordable Housing. To date, the fund has delivered over 24,000 homes and created employment for ~ 17,000 construction workers.
SBICAP Ventures Ltd. attended the NAREDCO Finance Conclave's inaugural event as a Platinum Partner, which was held on March 3, 2023, in New Delhi. The event's objectives were to bring all financial institutions together on a single platform and meet the financial needs of builders, developers, and the real estate sector. The Chief guest of the event was Shri Subhash Garg, IAS, Former Secretary, Ministry of Finance, GOI.
The NAREDCO President, Shri Rajan Bandelkar, welcomed everyone present and discussed the goals of the NAREDCO Finance Conclave (NFC). Additionally, he noted that SWAMIH is a significant player in the last-mile funding of the stressed & stalled real estate projects.
The keynote address was given by the chief guest Shri Subhash Garg, IAS, Former Secretary, Ministry of Finance, GOI. He discussed the lending gap that exists in the real estate sector and praised NAREDCO's initiative to bring all stakeholder groups together on a common platform to bridge this gap. Additionally, he discussed the difficulties that stressed-out and stagnant projects confront and how SWAMIH Fund has assisted in overcoming those difficulties.
In a special presentation, Shri Irfan A. Kazi, Chief Investment Officer, SWAMIH Fund I, discussed the progress made by the government-backed, SBICAP Ventures-managed SWAMIH Investment Fund I since its launch in 2019 and the path ahead for achieving the home ownership aspirations of many more homebuyers.
The Economic Times, The Times of India, Press Trust of India, Press Information Bureau, DD News, DD India, DD Bangla, Prasar Bharti, and other media outlets reported on the SWAMIH Fund's measures to secure the completion of housing projects that had stressed and stalled construction activity. It is notable to highlight that the SWAMIH Investment Fund I team was praised in a tweet by the honourable finance minister.
SWAMIH Investment Fund I, managed by SBICAP Ventures Limited, is delighted to be the #PlatinumSponsor for the first edition of NAREDCO Finance Conclave 2023.
Through this conference, NATIONAL REAL ESTATE DEVELOPMENT COUNCIL (NAREDCO) aims to converge all financial institutions on one platform and assist the #RealEstateSector in overcoming funding challenges faced. Bridging the demand and supply gap for investments and deliberating on innovative mechanisms that could potentially streamline the industry, this conclave is curated to raise awareness at several levels.
We look forward to your participation!
Delhi, 09 August 2021: The Govt. of India sponsored Special Window for Affordable and Mid-Income Housing SWAMIH Investment Fund I (“SWAMIH Fund”), has signed definitive documents with the Hon’ble Supreme court appointed Receiver for infusing Rs 650 crore in six projects of erstwhile Amrapali Group at Noida and Greater Noida. The Fund is managed by SBICAP Ventures, a 100% subsidiary of SBI Capital Markets, which in turn is a wholly owned subsidiary of the State Bank of India. SBICAP Ventures is managing the government’s Rs 25,000-crore special window fund to revive stalled housing projects.
The projects that will receive funding include Silicon City-1, Silicon City-2, Crystal Homes, Centurian Park- Low Rise, O2 Valley & Tropical Garden where 6,947 units are stalled of which 6,132 units are sold but homebuyers are awaiting delivery of their dream homes. These projects were launched almost about 10 years ago between 2011 and 2013 and are delayed for more than 4-5 years from their promised delivery timeline.
The Court receiver will be assisted by NBCC which took the construction contracts for these projects after a Supreme Court order and is involved in the completion of about 22 Amrapali housing projects, which were stalled amid a fund crunch due to financial mismanagement at the erstwhile real estate firm. The funding from SWAMIH Fund shall expedite the progress of the works in the 6 selected projects.
“The SWAMIH Fund team has again demonstrated an agile, flexible and responsive effort at creating solutions to such vastly complex transactions. They have been relentless in ensuring that such stressed projects get construction funding to honour their mandate of delivering homes to anxious home buyers. This funding will not only complete the 7,000 stuck homes but will also generate considerable amount of ancillary employment opportunities and unlock capital invested at various levels. The transaction was consummated with the relentless efforts of Mr. Vivek Agarwal and Mr. Varun Kedia” Mr. Suresh Kozhikote, MD & CEO, SBICAP Ventures Limited, said in a statement.
Mr. Irfan A. Kazi, Chief Investment Officer of the SWAMIH Investment Fund added that “We would like to encourage more developers, whose projects are stressed for want of capital, to reach out to SBICAP Ventures team, so that those projects could be evaluated and capital be provided to rescue the troubled home buyers.”
Mr. R. Venkataramani, Senior Advocate and Court appointed Receiver of the Amrapali stressed projects said “We are grateful to the Hon’ble Supreme Court for handholding and helping us secure funding from the SWAMIH Fund. Both the teams have spent hours clearing roadblocks and negotiating to ensure that this funding becomes solution towards delivering the stalled homes to anxious home buyers. Home buyers in these projects can expect to see fast paces construction and should plan to pay their outstanding dues as directed by the Hon’ble Court. He also added that “The funding was well thought through and was a result of joint efforts from all the Committee members – Ravi Bhatia (Forensic Auditor), D K Mishra (Chartered Accountant) and Pavan Agarwal (Forensic Auditor appointed by the Court) along with the NBCC team.
Earlier, the Court Receiver R Venkataramani and Committee members had formed a Section 8 Company – Amrapali Stressed Projects Investments and Resolution Establishment (“ASPIRE”) as special purpose vehicle to secure the funding for the completion of these projects.