Stans Buildtech Group gets ₹160 cr from SWAMIH Fund to revive stalled project - Hindustan Times
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Stans Buildtech Group secures 160 crore from SWAMIH Fund to revive stalled SRA project in Mumbai

Mar 07, 2024 11:04 AM IST

Legacy issues involving tenants, flat buyers, approvals, and lack of suitable financing to meet requirements led to the Mumbai project getting stalled

Mumbai-based real estate firm Stans Buildtech Homes Pvt Ltd has secured financing of Rs. 160 crore from SWAMIH Fund, managed by SBICAP Ventures Limited, for its Slum Rehabilitation Authority (SRA) project. Sky Annex, located in Chembur, Mumbai.

Mumbai-based real estate firm Stans Buildtech Homes Pvt Ltd has secured financing of Rs. 160 crore from SWAMIH Fund, managed by SBICAP Ventures Limited. (Picture for representational purposes only) HT PHOTO BY PUNEET CHANDHOK
Mumbai-based real estate firm Stans Buildtech Homes Pvt Ltd has secured financing of Rs. 160 crore from SWAMIH Fund, managed by SBICAP Ventures Limited. (Picture for representational purposes only) HT PHOTO BY PUNEET CHANDHOK

Real estate consulting firm Colliers India assisted in persuading the borrower to grant institutional funding by curating an investment structure and working on governance and reporting requirements.

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The project was taken over by Stans Buildtech in 2016 and has been under development since. Legacy issues involving tenants, flat buyers, approvals, and lack of suitable financing to meet requirements led to the project being stalled, and is now set to resume, following the deal.

Also Read: Gurugram developers seek more Swamih funds, tax relief

“This deal exemplifies SWAMIH Fund's commitment to understanding and resolving complex real estate situations. By providing solution capital, we are not only unlocking value for various stakeholders but also fulfilling our objective of supporting homebuyers. This transaction enhances our position as a key player in the Indian real estate market," said Suresh Kozhikote, Managing Director and CEO, SBICAP Ventures Limited.

Also Read: Budget 2024: NAREDCO seeks 50,000 crore more under SWAMIH Fund for completing stalled housing projects

“At 'Stans Buildtech Homes' our foremost objective, supported by the SWAMIH fund, is to guarantee the punctual completion of the project. Colliers has been instrumental in achieving this collaboration”, said Azizur Rehman Momin, Managing Director, Stans Buildtech Homes Private Limited.

“We played an active role in a financing transaction which involved working on a situation which unlocked value for various stakeholders including landowner, developer, tenants, flat buyers. We worked closely with SWAMIH Fund to structure a financing solution,” said Piyush Gupta, Managing Director, Capital Markets and Investment Solutions for Colliers India.

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