Bengaluru's held project Mantri Serenity to be finished with SWAMIH funding

Mantri Serenity, a stalled residential project located on Kanakapura Road in Bengaluru will be the first project in the city to be completed with funding from the government initiated Special Window for Affordable and Mid-Income Housing Fund (SWAMIH Fund). The project was launched in 2012 but shut down midway in 2018 due to insufficient funds. SWAMIH Investment Fund provided undisclosed funding to the project in October 2020. The Bangalore Development Authority (BDA) recently issued Occupancy Certificates (OC) for towers 4 and 5 of the project which contain 1,240 apartments including 100 set aside for economically weaker sections. Towers 1 and 3 are nearly finished and the BDA is likely to issue OCs for them in the coming months.

The Karnataka Real Estate Regulatory Authority (RERA-K) had issued an order asking the developer to compensate disgruntled homebuyers for the interim period of delay however the builder did not follow through. As a result, home buyers continued to suffer without any solution in sight. Due to the lengthy period of delay and the number of homebuyers suffering as a cause of it, the South MP of Bengaluru Tejaswai Surya finally took up the matter of Mantri Serenity personally by approaching Finance Minister Nirmala Sitharaman to seek help and requesting for funding via the SWAMIH Investment Fund.

The SWAMIH Investment Fund was set up in 2019 by the Central Government with the goal of providing priority debt financing for the completion of stressed RERA registered and brownfield residential projects that qualify as affordable and mid-income housing projects. The Fund was going to help complete over 1,500 stressed housing projects across the country. These stressed projects attributed to over 4,50,000 housing units that remained incomplete due to liquidity issues and other constraints by the developers who had undertaken the projects. Since its inception, the Fund has grown to a team size of 33 individuals and is said to have evaluated over 1,000 deals across the country. It has funded over 275 projects in thirty cities and delivered over 79,000 homes. The fund is managed by SBICAP Ventures, an arm of the State Bank Group. Its main sponsors include Ministry of Finance, Life Insurance Corporation of India (LIC), HDFC and other major nationalised banks.

Next (Casagrand launches ‘Casagrand Aria Affordable Community Housing’)

Bengaluru's held project Mantri Serenity to be finished with SWAMIH funding

This Month

Overview

Explore

Join Us