Government-backed last-mile financing platform, Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects (SWAMIH), has approved an investment of Rs 171 crore in Dehradun-based Windlass Developer’s township project, Windlass River Valley.

The funding is expected to help the developer complete the ongoing launched phases in the 35 acres integrated township, accelerate development and expand its real estate scale.

The township project is the largest fully integrated development project of Uttarakhand.

The last-mile construction fund has already started delivering the objective of completing stressed projects and offering possession to troubled homebuyers as indicated by over 1,300 apartments scheduled to be delivered by the end of this month.

It is estimated to fund completion of an additional 6,000 apartments over the next one year.

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,” said Suresh Kozhikote, CEO at SBICAP Ventures. “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.”

Investment banking firm Ashika Capital was the lead advisor to this transaction.

Given the headwinds in real estate and the post-pandemic scenario, this fundraising assumes significance due to scarcity in the emergence of capital from any alternate sources, and SWAMIH Investment Fund I, sponsored by the central government, has been a key enabler for several projects that were in need of last-mile liquidity support.

“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,” said Pranav Rastogi, CEO at Windlass Group. “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.”

The large-size project is being developed in phases including the first phase that started in 2015 and has been delivered and second phase that is closer to handover stage and third phase that will be delivered in three years.

There will be more residential and commercial development phases in the project. The investment by SWAMIH Fund is towards the launched phases and not for the future phases.

Situated on National Highway-72 in Dehradun, Windlass River Valley will offer premium residences, schools, multispecialty hospitals, a shopping mall, five-screen multiplex, hotel, and a clubhouse.

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