Real Estate

Mantri Developers project to get SWAMIH Investment Fund support

Our Bureau Bengaluru | Updated on October 09, 2020 Published on October 09, 2020

Sushil Mantri, Chairman & Managing Director, Mantri Developers

The funding support is to help 3,000 home buyers who were affected by a financial slowdown in the realty sector.

Mantri Developers, a real estate developer, has revived its residential project ‘Mantri Serenity’ in Bengaluru with funding support for project completion from the SWAMIH Investment Fund initiated by the Central Government.

Mantri Developers project is the first beneficiary of the SWAMIH Investment fund in Bengaluru, which is expected to help 3,000 home buyers who were affected by a financial slowdown in the realty sector.

The Mantri Serenity is an affordable housing project with 2BHK and 3BHK apartments built on 44 acres developed jointly by Mantri Developers. Gokulam Shelters are the landlords of the project, while Piramal Capital Finance is the existing lender.

Sushil Mantri, Chairman & Managing Director, Mantri Developers, said “The opening of the project and the availability of funds till completion of the project mark an important milestone for the Mantri Serenity project specific and the real estate market in Bengaluru. With this financial closure of last-mile funding, we 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.”

Irfan A Kazi, Chief Investment Officer, SWAMHI Fund, SBICAP Ventures, said, “Our 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, we 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.”

Tejasvi Surya, Member of Parliament, and also the National President of the Bharatiya Janata Yuva Morcha, said: "In the interest of more than 3,000 families, I had requested Minister of Finance Nirmala Sitharaman and officials of SBICAP ventures to sanction SWAMIH funds for the completion of the Mantri Serenity Project.”

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Published on October 09, 2020
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