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For homebuyers stuck in stalled projects by Aliens Developers in Hyderabad, two key financial institutions have joined forces to provide critical funding to get these projects back on track.
Government-backed SWAMIH, a fund managed by SBICAP Ventures, and Nisus Finance, a realty credit fund, have jointly invested over INR 465 crore in two Aliens Developers projects: Aliens HUB and Aliens Space Station.
Aliens HUB, a large-scale plotted development project spread over 272 acres in Chennaram, received INR 145 crore from Nisus Finance. These funds will be used to take over existing loans of an undisclosed amount from the previous lender Edelweiss and cover additional project expenses. The project is planned as a township with a golf course and other amenities and will have a total of 2,400 plots with an estimated value of over INR 1,200 crore.
The bigger investment of INR 320 crore from SWAMIH went towards Aliens Space Station, a mid-income housing project in Tellapur with over 2,000 homebuyers. These funds will be used for project completion, bringing relief to many who were facing delays or uncertainty about their properties.
Aliens Space Station is nearly 70% complete and has already achieved 75% sales. The project consists of 13 high-rise towers with a saleable area of 3.4 million square feet and has a total revenue potential of INR 2,200 crore. With the new funding, Aliens Developers are expected to complete and deliver the project tower-wise within the next 8-12 quarters.
The SWAMIH I fund was launched by the government in September 2019 specifically to address the issue of stalled housing projects. It provides critical funding to help developers complete these projects and protect the interests of homebuyers. In December 2022, the government invested over INR 5,000 crore in the fund, bringing its total corpus to nearly INR 15,530 crore, making it one of the biggest funds raised in the country.
This collaboration between SWAMIH and Nisus Finance offers a ray of hope for homebuyers in Hyderabad. With the additional funding, Aliens Developers can now focus on completing both projects and delivering homes to eager buyers.
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