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ATS Infrastructure has fully repaid INR 190 crore, covering both principal and interest, to the government-backed SWAMIH Fund after completing its previously stalled residential project 'ATS Marigold' in Gurugram. The SWAMIH Fund had invested INR 133 crore in the project back in February 2021, providing crucial support during a financial crunch. With all 422 units across six towers completed, the project has now secured an occupation certificate. The repayment underscores the fund's impact in reviving stressed projects, especially those derailed due to the NBFC crisis and the pandemic.
ATS Infrastructure has successfully exited the government-backed SWAMIH Fund by repaying around INR 190 crore comprising INR 133 crore in principal and INR 57 crore in interest. This funding had been critical in reviving and completing the group's residential project, 'ATS Marigold', located on the Dwarka Expressway in Gurugram. Advertisement
Udaivir Anand, Managing Director of ATS Group, confirmed that the company has fully returned the fund's investment, effectively giving SWAMIH a complete exit from the project. The development, which consists of 422 units spread across six towers, had faced significant delays due to a liquidity crunch during the COVID-19 period and the earlier NBFC crisis in 2018.
The SWAMIH (Special Window for Affordable and Mid-Income Housing) Fund had stepped in when the project was grappling with nearly 4.5 lakh sq ft of unsold inventory and stagnating sales. The fund's entry in early 2021 turned out to be a lifeline, allowing the company to restart construction and push for sales. At the time of investment, prices hovered around INR 6,000-6,500 per sq ft. Today, property prices in the project have surged to between INR 13,500 and INR 15,000 per sq ft, reflecting renewed buyer confidence and improved market dynamics.
The project has since received its occupation certificate, signifying its completion and readiness for handover. The turnaround highlights the importance of last-mile funding in reviving stuck real estate projects.
The SWAMIH Fund was launched by the central government in late 2019 with a corpus of INR 15,530 crore, managed by SBICAP Ventures Ltd, a subsidiary of the State Bank of India. Following its proven success, a second INR 15,000 crore corpus was announced in the recent Union Budget to aid the completion of 1 lakh more stalled housing units across Indian cities. This move is aimed at bringing relief to thousands of homebuyers caught in limbo.
Meanwhile, ATS Group continues to strengthen its presence in the Delhi-NCR market. Its subsidiary, ATS Homekraft, has sold properties worth INR 2,000 crore in recent months, particularly along the Dwarka Expressway and Yamuna Expressway, close to the upcoming Jewar Airport. The group is also preparing to roll out new end-user-centric projects in Gurgaon and North Delhi in the coming months.
Source PTI
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