Ansal Housing has raised around Rs 100 crore for its Ansal Highland Park project in Sector 104, Gurgaon, from the Special Window for Affordable and Mid Income Housing (SWAMIH) Investment Fund.
The project, which had been in limbo since 2012 due to a liquidity crunch, has reached financial closure with the new fundraising.
“The project was delayed due to liquidity issues but the SWAMIH investment will help the builder to complete the entire project cycle,” said a person aware of the development.
The SWAMIH fund will be used to complete the project that caters to over 750 home buyers.
The firm has so far sold around 90% of the project that was launched in 2012.
“The project is expected to be completed by December 2022 as opposed to the original completion date of 2017,” said the person quoted above.
Real estate consultancy firm Shearwater Ventures was advisor to the deal.
SWAMIH Fund declined to comment. Ansal Housing could not be reached for a comment.
Many real estate developers in the country have seen last-mile funding dry up due to unsold inventory and scarcity of capital from any alternate source.
SWAMIH Investment Find I, sponsored by the central government, has been a key enabler for several projects that were in need of last-mile liquidity support.
The construction fund has already started delivering the objective of completing stressed projects and offering possession to troubled homebuyers.
The federal fund has so far accorded final approval to 80 projects that will help complete 50,000 stalled homes.
A total of 133 projects have received preliminary approvals and these are expected to complete 71,000 additional homes.
According to government estimates, there are 458,000 stalled housing units in 1,509 residential projects across the country.