Realty firm Ansal Buildwell will receive ?47 crore from the government-backed stress fund SWAMIH to complete a housing project comprising nearly 900 units in Faridabad.Financial advisory firm Sambhav Consultancy facilitated the deal.
Ansal Buildwell had launched a residential project 'Ansal Crown Heights' a decade ago in Sector 80, Faridabad, Haryana, in an equal joint venture with a local builder. The construction of this 18-acre project got significantly delayed because of the dispute with the joint venture partner.
Ansal Buidwell bought back the 50 per cent stake of its partner in the JV firm Ansal Crown Infrabuild Pvt Ltd to end the dispute. Ansal Crown Infrabuild Pvt Ltd is now a 100 per cent subsidiary of Ansal Buildwell.
"SWAMIH fund has sanctioned ?47 crore to complete Ansal Crown Heights project. The disbursal has already started to kickstart construction activities," Ansal Buildwell CFO Ravinder Kumar Jain said.
In November 2019, the Centre announced a ?25,000-crore fund, named Special Window for Affordable and Mid-Income Housing (SWAMIH), to help complete stalled housing projects across the country. SBICAP Ventures is managing this fund.
"It was a tough deal due to several complexities involved," said Vaibhav Jain, Director, Sambhav Consultancy, a real-estate focussed financial advisory firm that facilitated the transaction.
The first phase comprising 527 units is almost complete and will be handed over in 4-6 months. The second phase, having around 350 units, is 70 per cent complete and will be completed by December 2023. Ansal Buildwell will launch the third phase of around 150 units once the second phase reaches near completion.
