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SWAMIH Fund Revives Thane Project, Benefits 500+ Homebuyers

2023-05-18

The government-backed SWAMIH I last-mile financing platform has invested Rs 158.50 crore in a mixed-use project on Thane's Ghodbunder Road. The funding will revive the stalled project, comprising seven towers and a commercial building, benefiting over 500 homebuyers.

The Pushpanjali Residency Phase 3 project, initiated in 2010, faced delays, funding shortages, and cost escalations due to the Covid-19 pandemic. Shriraam Pioneer Developers' director, Mohan Shinde, praised SWAMIH's funding structure and aims to deliver four completed wings by Diwali 2023.

The developer plans to complete the first four towers this year, granting possession to buyers. SWAMIH Fund has unlocked liquidity of over Rs 35,000 crore nationwide.