Mumbai: The Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects (SWAMIH) and realty credit fund Nisus Fi- nance have together invested a total over 465 crore across two Hyderabad projects of Aliens Developers.
SWAMIH, the state-backed and SBICAP Ventures-managed last- mile financing platform created to give traction to stalled hou- sing. Aliens Space Station is ame- ga mid-income housing project. The other development is Aliens HUB, a large scale plotted deve- lopment project.
Nisus has invested 145 crore in both the projects and the SWA- MIH Fund has invested ₹320 crore in the mid-income housing pro- ject with over 2,000 homebuyers.
“Nisus and SWAMIH have earli- er partnered on two other mutual investment opportunities. Our investment in the mid-income ho using project will help provide de livery to over 2,000 homebuyers. This investment is centric to our strategy in the fund to generate significant returns through a strongly risk mitigated structure with high asset and cash flow co- ver;” Amit Goenka, MD & CEO, Nisus Finance.
Nisus has invested the amount through its Real Estate Special Opportunities Fund-I (RESO-I), managed by Nisus BCD Advi sors LLP. This investment is be- ing utilised to take over the lo ans of the erstwhile lender Edel weiss and the balance for project expenses.
The Nisus BCD Fund will hold a senior secured and exclusive pri- mary security on the plotted de velopment project on the develo- per’s owned land spread across 272 acres in Chennaram locality The project is a township with a golf course and other modern amenities for a plotted golf cour se living. The township has a total 2,400 plots with an average area of 2,700 sq ft with an estimated to pline of over ₹1,200 crore.
In the mid-income housing pro- ject, SWAMHI Fund has subscri- bed to rated debentures of ₹320 crore issued by Aliens Developers and listed on the Bombay Stock.
Exchange (BSE). Both SWAMIH Fund and Nisus’ investment in this project will be utilised for the completion of the project.
Nisus Finance has cash flow sharing in this second project spread over 15 acres with saleable area potential of 3.4 million sq ft across 13 high-rise towers in Hy- derabad’s Tellapur locality. The project is nearly 70% complete and has achieved 75% sales so far. The project for which Nisus has partnered with SWAMIH Fund for investment, has a total reve-
nue potential of ₹2,200 crore. ET’s email query to SWAMIH Fund remained unanswered un- til the publication of this report.
PROJECT COMPLETION
This investment by Nisus and SWAMIH will help in ensuring the project will be completed and delivered tower wise and fully ex- ited in 8-12 quarters. Nisus Finance is focused on
identifying highly value-accreti- ve opportunities within real esta- te projects, offering enhanced yi- elds and robust asset cover to un- lock substantial value through structured capital. It makes op- portunistic medium-term struc- tured investments in mid-inco- me, affordable housing, and plot- ted development projects.
