Stans Buildtech Homes Pvt Ltd has secured ₹160 crore from SWAMIH Fund, managed by SBICAP Ventures Ltd, for its SRA project. Sky Annex, located in Chembur, Mumbai, was taken over by Stans Buildtech in 2016 and has been under development since. Many issues involving tenants, flat buyers, approvals, and lack of suitable financing to meet requirements led to the project being stalled, and is now set to resume, following the deal.
Suresh Kozhikote, Managing Director & CEO, SBICAP Ventures, said, “This deal exemplifies SWAMIH Fund’s commitment to understanding and resolving complex real estate situations. By providing solution capital, we are not only unlocking value for various stakeholders but also fulfilling our objective of supporting homebuyers. This transaction enhances our position as a key player in the Indian real estate market.”
“At ‘Stans Buildtech Homes,’ our foremost objective, supported by the SWAMIH fund, is to guarantee the punctual completion of the project. Colliers has been instrumental in achieving this collaboration”, said Azizur Rehman Momin, Managing Director, Stans Buildtech Homes.