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Mantri Developers eyes to raise INR 400 crore from SWAMIH Investment Fund

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Mantri Developers Pvt Ltd, a Bengaluru-based property developer, has applied to the government-sponsored Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund-I for funding to complete two of its stalled housing projects in Bengaluru.

The company has already received Rs 225 crore from the SWAMIH Fund to finish its first project in Bengaluru, Mantri Serenity. "We have already received in-principle approval from the SWAMIH Investment Fund I for two more projects — Mantri Web City and Mantri Energia in Bengaluru and one more in Pune. We are waiting for the final approval," Sushil Mantri, CMD, Mantri Developers.

Both of the stalled projects, according to Mantri, require an estimated Rs 400 crore. There are 2,100 residential units in Web City and 1,100 in Energia. "The SWAMIH Fund is currently conducting due diligence for these projects," Mantri said.

Meanwhile, the Mantri Serenity project is nearing completion. The company will finish it in four months and hand over the residential units in blocks 4 and 5 to homeowners.

The building of Block 1 will take another 7 months to finish. On Kanakapura Road in Bengaluru South, the project is placed. The Mantri Serenity project in Bengaluru is the first to benefit from the SWAMIH Investment Fund, which is anticipated to assist 3,000 house buyers who have been impacted by the real estate slowdown.

The landlords of the 4 million square foot project are Gokulam Shelters, and the existing lender is Piramal Capital Finance.

Irfan Kazi, CIO of SWAMIH Fund said, "Our investment in Mantri Serenity project happened during the pandemic period in late 2020. During the second Covid wave, our focus was to complete the project and provide relief to a large base of homebuyers that have partnered with us in these efforts.

He added the SWAMIH Fund has received investment applications from around a dozen other real estate developers in Bengaluru, in addition to Mantri Developers. “We are currently evaluating these projects. We are looking at very large projects that will take 5-6 years to complete,” Kazi said.