In a maiden transaction of this nature, Nisus Finance & Investment Managers LLP (“Nisus Finance”), an alternative asset manager of Nisus Finance Group has recently invested ~INR 24.5 Cr in Skytech Colours Avenue, a residential group housing Project located in Sector 10, Greater Noida West, (Noida Extension).
In order to secure the interest of Homebuyers, SWAMIH Investment Fund I, sponsored by Govt. of India and managed by SBICap Ventures Ltd. will also provide primary capital to complete the project.
Skytech Group through ‘Jatasya Promoters Private Limited’ is developing a group housing project ‘Skytech Colours Avenue’ situated in Greater Noida West on a land admeasuring ~12,091 sq.mt. which allotted by the Greater Noida Industrial Development Authority (GNIDA). Comprising of a total saleable area of around~6,80,000 sq ft. spread across 5 towers, the project had achieved a nearly 30% completion and 30% sales. The company had taken construction finance from Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCL).
Nisus Finance invested Rs. 24.5 crores to takeover and exit the existing lenders RHFL and RCFL. Post exit of RHFL and RCFL, SWAMIH has invested primary capital primary to take the project to completion. Nisus Finance holds second charge on the project. In this instance, an Alternative Investment fund has taken over an existing lender and ceded first charge to SWAMIH Fund to complete the project in the larger interest of home buyers.
Skytech Colours Avenue is a modern development with contemporary amenities for mid-income housing in the Prime location of Sector 10 in Noida Extension. The project has all approvals in place, is being constructed with superior quality, finishes, amenities and will provide an extensive choice of nearly 500 homes in 2,3 or 4 BHK configurations to buyers at attractive value.
