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Windlass Developer Closes Largest Real Estate Deal Of Uttarakhand

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SWAMI Fund is estimated to fund the completion of over 6,000 housing units by the end of FY22 and 1,310 units by April 2021.

Dehradun-based Windlass Developer has received approval from SWAMIH Investment Fund I to invest up to Rs. 171 crores for completion of its Township project – Windlass River Valley.

This new funding will help the company complete the ongoing launched phases in the 35 acres integrated township to provide world-class residences to its customers, accelerate development and expand its real-estate scale. Windlass River Valley Township is the largest fully integrated development project of Uttarakhand, where several families have already been given possession and are happily residing.

SWAMIH Investment Fund I is a category II Alternative Investment Fund formed under the Special Window for Affordable and Mid-Income Housing as announced by Hon’ble Finance Minister, Government of India, to provide last mile funding enable completion of housing projects across the country.

Given the headwinds in real estate and the post-pandemic world, this fundraising has become more important due to scarcity in the emergence of capital from any alternate sources, and SWAMIH Investment Fund I sponsored by the Government of India has been a key enabler for several projects where last-mile liquidity support needs to be provided.

SWAMI Fund is estimated to fund the completion of over 6,000 housing units by the end of FY22 and 1,310 units by April 2021.

Ashika Capital Limited, a future-focused investment banking firm, was the lead advisor to this deal.

Mr. Suresh Kozhikote, Chief Executive Officer, SBICAP Ventures Ltd, said, “Given the current economic and real estate situation, investment by SWAMIH Fund in a project provides a lot of impetus and assurance in re-establishing confidence in the completion of projects. While the developer is exclusively responsible for overall development, including approvals, quality of construction, and delivery timelines, SWAMIH Fund will ensure that project cash inflows are fully utilized for project development. SWAMIH Fund is actively pursuing its objective of funding the completion of residential projects across India, including smaller towns like Dehradun, which are not on most institutional investors’ radar. We are glad to take charge and be an enabler in the current situation and accelerate project completion and delivery to homebuyers. We are not only pursuing more deals in Dehradun but also looking to increase our footprint and presence across India.”

Expressing views on this deal, Pranav Rastogi, CEO, Windlass, stated, “Windlass Group with its 75+ years of successful business history across the world has always stood by its commitment to its customers on Quality and On-time Delivery, and we are glad that SWAMIH Investment Fund I managed by SBICAP Ventures sees merit in our project and has decided to back us in enabling the dreams of hundreds of our customers to come true. Windlass River Valley, situated on National Highway – 72 in Dehradun, once completed, will have High-quality Residences, K-12 schools, Multi-Specialty hospitals, Shopping Mall, 5 Screen Multiplex, Hotel, and a Club House all within walking distance. This first of its kind fully integrated development in Uttarakhand is planned in a phased manner, and we are glad to be able to continue successful deliveries to our home buyers”.

Commenting on this deal, Yogesh Shetye, President, Ashika Capital Limited, “We appreciate how the transaction was skillfully navigated, enabling SWAMIH fund to provide a winning solution to homebuyers and in expediting the development of the project. At Ashika Capital, we look forward to addressing issues into more such real estate projects and find innovative solutions to their fundraising requirements.”

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