Bengaluru-based Mantri Developers Pvt. Ltd said Friday it has received funding from the government-sponsored SWAMIH Investment Fund to finish construction of a housing project.
The Mantri Serenity project in Bengaluru has the capacity to cater to 3,000 homebuyers, the company said in a statement. It didn’t disclose the funding amount.
This last-mile funding will help the company speed up construction work and complete the project in the next 12-24 months, in phases, said Sushil Mantri, chairman and managing director, Mantri Developers.
Launched in November 2019, the Indian government created the Rs 25,000-crore SWAMIH Investment Fund as a special window to fund stalled projects in the affordable housing category.
The fund is sponsored by the Ministry of Finance. SBICAP Ventures, a wholly owned subsidiary of SBI Capital Markets, is the investment manager of the fund.
The fund has so far given approval for Rs 4,197 crore across 33 projects.
“Our mandate is to provide the last mile of funding required to complete such projects to ensure delivery of homes to buyers,” said Irfan A Kazi, chief investment officer of SWAMIH Fund at SBICAP Ventures.
“By taking this initiative, we are reaching out to the developer and homebuyers to assist us in fulfilling our mandate and completing their homes. This is expected to be the first of several projects in Bengaluru that we expect to fund to complete construction,” Kazi said.
