SWAMIH Fund has invested INR 300 crore in Hubtown's Rising City project in Mumbai, with the goal of speeding up completion and providing assistance to over 550 homebuyers who are awaiting possession. Rising City, located on the Eastern Express Highway, consists of six buildings with over 700 units. Despite initial delays owing to regulatory problems, the project acquired all essential licences by 2023. Hubtown, the sole developer presently, is dedicated to ensuring prompt delivery. The investment demonstrates SWAMIH Funds commitment to revitalising stalled real estate projects, tackling difficulties in the affordable housing sector, and supporting growth in Mumbai's thriving property market.
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The SWAMIH Fund has made an investment of INR 300 crore in Hubtown's Rising City project, which is located in Mumbai's Ghatkopar district. This move intends to speed up the project's completion and provide much-needed relief to over 550 homeowners who are ready to take possession of their apartments. Rising City, located near the Eastern Express Highway, features six towering structures that house more than 700 residential units, 550 of which have already been sold.
The recent finance arrangement, with formal agreements now registered, is a big step forward for the project. This money will help finish the project faster, making many buyers' dream homes a reality sooner. With the first batch of money already used, the project's pace is expected to pick up, setting a precedent for on-time delivery and happy customers.
Rising City, which debuted in 2013, faced delays due to regulatory challenges, including height permissions in 2016. Despite these obstacles, the project remained on track, thanks to Hubtown's constant commitment to providing high-quality homes. The recent receiving of all required approvals in 2023 was a watershed moment, signifying the project's ready to undertake its last phase of development.
Originally, the project was a collaboration between Hubtown, private equity fund IIRF, and three other developers. However, as the project progressed, Hubtown became the sole developer responsible for seeing it through to completion. This strategic change shows Hubtown's dedication to realising its vision and keeping its promises to stakeholders.
Acknowledging the importance of this financial boost, a Hubtown representative emphasised the company's commitment to achieving a beneficial outcome for all involved. This reflects Hubtown's values of honesty, integrity, and customer focus, which have guided its operations over time.
The decision to invest in Hubtown's Rising City project aligns with SWAMIH Fund's goal of reviving stalled real estate projects while safeguarding buyers' interests. Mumbai, being the largest and most vibrant property market in the country, has witnessed robust demand and sales activity, emphasising the urgency of completing projects promptly.
The investment in Rising City is perfectly aligned with SWAMIH Fund's goal to overcome the issues faced by affordable and mid-income housing developments, supporting long-term growth and development in the real estate sector. SWAMIH Fund seeks to catalyse good change by utilising its substantial resources and experience, driving innovation and excellence throughout the industry landscape.
Moreover, the efficient use of funds in Rising City shows that SWAMIH Fund can achieve tangible outcomes that benefit both developers and buyers. This partnership highlights the cooperative spirit in the real estate industry, where public and private entities collaborate to overcome challenges and create opportunities for growth.
In the future, the injection of capital will give Rising City a boost, helping it move closer to its goal of delivering high-quality homes that surpass consumer expectations. As construction progresses and the project comes together, it has the potential to change Mumbai's skyline while leaving a legacy of excellence and innovation.
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