Nisus Finance has invested over INR 155 crore in Dharmadev Group's affordable housing project, Swaminarayan Green City, in Surat, Gujarat. The 12-acre development includes 21 towers, offering 1.3 million square feet of saleable area and over 1,085 affordable apartments. This investment, part of Nisus Finance's RESO-1 fund, will accelerate construction and ensure timely delivery, replacing existing lender Omkara ARC. With seven towers already applying for occupancy certificates and five more nearing completion, hundreds of families could move into their new homes within 12 to 24 months. This project addresses Surat's growing demand for affordable housing, bolstering Dharmadev Group's 50-year legacy.
A real estate investment firm, Nisus Finance, has committed over INR 155 crore to a major affordable housing project by Dharmadev Group in Surat, Gujarat. This investment will help accelerate construction and ensure timely delivery of homes to future residents.
The project, named Swaminarayan Green City, is part of a larger development plan spread across a massive 12-acre land parcel. The first phase itself is quite substantial, with 21 towers offering over 1.3 million square feet of saleable area. This translates to over 1,085 apartments at affordable prices, catering to the needs of many Surat residents.
This INR 155 crore investment from Nisus Finance is part of their Real Estate Special Opportunities Fund-1 (RESO-1) managed by Nisus BCD Advisors LLP. The funds will be used to discharge the existing lender, Omkara ARC, which acquired the loan from Piramal Capital & Housing Finance Limited as part of the legacy DHFL loan book, and ensure the project's smooth completion. Notably, seven of the 21 towers, with a total of 45 planned amenities and infrastructure for residents, have already applied for occupancy certificates, indicating significant progress. The developer has already given possession of 250-300 units.
The additional investment by Nisus Finance is expected to speed up construction. This translates to quicker delivery of homes for those who have already invested in Swaminarayan Green City. Additionally, with five towers nearing completion and expected to receive occupancy certificates by the next quarter, hundreds of families could be moving into their new homes within the next 12 to 24 months. The remaining 13 towers have nearly 50% of their super structures complete.
This project aligns with the growing demand for affordable housing in Surat. Dharmadev Group, with its 50-year track record of delivering such homes in key micro markets of Gujarat, seems well-positioned to fulfill this need. The investment from Nisus Finance further strengthens this vision and paves the way for a successful project that benefits both the developer and future residents.
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