Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects (SWAMIH I), has invested around Rs 300 crore in realty developer Hubtown’s residential project in Ghatkopar suburb of Mumbai, said persons with direct knowledge of the development.
The project, Rising City, is near the Eastern Express Highway and it consists of six towers with a total of more than 700 apartments, of which 550 apartments are already sold. “The definitive documents for the financing transaction were registered a few days ago and the first tranche of the funds have already been deployed for the purpose of the project completion that will provide relief to more than 550 homebuyers awaiting delivery of their apartments,” said one of the persons mentioned above.
The project was launched in 2013 but was delayed for delivery due to regulatory issues related to height approvals in 2016 while the project was scheduled to be delivered in 2020. However, in 2023, the project received all necessary approvals.
It was earlier a joint venture project between Hubtown, private equity fund IIRF, and three other developers. However, the other partners and fund has exited the project, and it is now being developed by Hubtown.
