I requested govt to sanction funds in the interest of 3,000 families, says MP Surya
Leading real estate company Mantri Developers will now be able to revive its ‘Mantri Serenity’ residential project on Kanakapura Road in Bengaluru with funding support from the Centre’s SWAMIH Investment Fund.
In this connection, MP Tejasvi Surya said, “In the interest of more than 3,000 families, I had requested Union Finance Minister Nirmala Sitharaman and officials of SBICAP ventures to sanction SWAMIH funds for the completion of the ‘Mantri Serenity’ project.” He said the project was the first from Bengaluru to receive assistance through the SWAMIH Fund, and requested the developer to deliver the homes soon.
Sushil Mantri, Chairman and Managing Director, Mantri Developers, said, “We are humbled to be chosen as the first company to be allocated money under the SWAMIH Investment Fund. With this financial closure of last-mile funding, we will be able to speed up the remaining construction so that we can deliver homes to our customers in the next 12-24 months.”
Irfan A. Kazi, Chief Investment Officer, SWAMHI Fund, SBICAP Ventures, said, “We are happy to invest from our stressed asset fund created to give an impetus for completion of construction of affordable and mid-income residential housing. This is expected to be the first of several projects in Bengaluru that we expect to fund to complete construction.”
About the project
Mantri Serenity, which will house 2BHK and 3BHK apartments, is spread across 44 acres. Mantri Serenity is being developed jointly by Mantri Developers. Gokulam Shelters are the landlords of the project, while Piramal Capital Finance is the existing lender.
About the Fund
The Rs 25,000-crore SWAMIH Investment Fund is a special window formed by GoI to ensure completion of stalled brownfield projects, which are networth positive, in the affordable housing/mid-income category. With support from the ‘alternative investment fund’, RERA registered developers and builders have an opportunity to complete their projects and deliver homes to buyers.
The fund is sponsored by the Ministry of Finance, Government of India. SBICAP Ventures, a wholly owned subsidiary of SBI Capital Markets, is the investment manager of the fund.