Bengaluru, NFAPOst: India’s leading real estate developer, Mantri Developers, announced its plan to revive its dream residential project ‘Mantri Serenity’ in the city, with funding support till the completion of the project from the SWAMIH Investment Fund initiated by the Government of India.
Being chosen the first beneficiary of the SWAMIH Investment fund at Bangalore is a big boost for Mantri Developers, which has always been committed to quality, trust, compliance and sustainability.
The SWAMIH fund pertains to the construction and completion of a project called Mantri Serenity catering to 3,000 home buyers, on Kanakapura Main Road, in the vicinity of technology hub of the country.
With this, Mantri Developers hopes to turn the tide in the domestic real estate market, which has been affected by a financial slowdown in the overall realty sector.
Member of Parliament Tejasvi Surya, also the National President of the Bharatiya Janata Yuva Morcha, said in the interest of more than 3,000 families, he had requested Honourable Minister of Finance Nirmala Sitharaman and officials of SBICAP ventures to sanction SWAMIH funds for the completion of the Mantri Serenity Project.
“The Mantri Serenity project has become the first from Bengaluru to receive assistance through the SWAMIH funds. I’m grateful to Honourable Prime Minister Shri Narendra Modi Government for its assistance package to stressed real estate projects. I request Mantri Developers to deliver the homes soon,” said Member of Parliament Tejasvi Surya.
Mantri Developers Chairman & Managing Director Sushil Mantri says the company is humbled to be chosen as the first company to be allocated money under the SWAMIH Investment Fund.
Real estate market
Mantri Developers Chairman & Managing Director Sushil Mantri. said the company’s track record and happy customers have restored the faith in our ability to deliver.
“The opening of the project and the availability of funds till completion of the project mark an important milestone for the Mantri Serenity project in Kanakapura road specific and the real estate market in Bangalore, especially,” said Mantri Developers Chairman & Managing Director Sushil Mantri.
With this financial closure of last-mile funding, Mantri Developers Chairman & Managing Director Sushil Mantri said the company will be able to speed up the remaining construction and reach an early completion of the project, so that we can deliver homes to our customers in the next 12-24 months, in phases.”
SWAMIH Investment Fund
In the last few years, home buyers have preferred completed projects over projects under construction. In addition to this, several developers and real estate firms in the country have been cash-strapped for last-mile funding, under the effect of unsold inventory and slow sales. As a result, several projects, including Mantri Serenity, have been stalled.
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.
Mantri Serenity, which will house 2BHK and 3BHK apartments, strives to make affordable housing a reality. The residential project, spread across 44 acres, offers spacious homes with luxurious amenities, superior interiors, and smart fittings.
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.
SWAMHI Fund, SBICAP Ventures said Irfan A. Kazi, Chief Investment Officer, saidthe company is happy to invest from our stressed asset fund created to give an impetus for completion of construction of affordable and mid-income residential housing.
The company mandate is to provide the last mile of funding required to complete such projects to ensure delivery of homes to buyers. By taking this initiative, Mantri Developers are reaching out to the developer and homebuyers to assist us in fulfilling our mandate and completing their homes. This is expected to be the first of several projects in Bengaluru that we expect to fund to complete construction”
GST and RERA have brought in greater transparency in the real estate sector. Mantri Developers is optimistic about the prospects of the sector in the upcoming festival season.
“In the last one to twoyears, the real estate sector has seen several challenges, but home buyers are still looking for value for money with strategic location. The last-mile funding being given by GOI will help realize the dreams of owning a home for many buyers and also boost investors’ fortunes,” says Mantri Developers Chairman & Managing Director Sushil Mantri.
Mantri Developers, a leading real estate developer in India is known for their world-class property developments in residential, commercial, retails, hospitality, office, senior living segments.
Established in 1999 by Sushil Mantri, many of Mantri Developers iconic projects, signature buildings and beautiful homes proudly dot the skyline of Bengaluru. The company is at the forefront of cutting-edge technology innovations such as home automation, digital interactive mannequins, and augmented reality. The developer is also committed towards ecologically sustainable projects, with a strong emphasis on safety standards.