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Nisus Finance invests Rs 155-cr for housing project in Gujarat Synopsis

Thursday, 20 Jun 2024
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Nisus Finance has invested over Rs 155 crore in a late-stage affordable housing project by Dharmadev Group in Surat, Gujarat. The project forms part of a larger layout on 12 acres of land, comprising 4.5 million sq. ft. area.

The first phase of the ongoing project comprises 21 towers with 1.3 million sq. ft. of saleable area. Nisus has made this investment in 'Swaminarayan Green City' through its Real Estate Special Opportunities Fund-1 (RESO-1) managed by Nisus BCD Advisors. 

In July 2023, RESO-1 had invested Rs 95 crore in Dharmadev Group’s late-stage commercial project located in Narol in Ahmedabad along with Phoenix ARC, Kotak Mahindra Group’s asset reconstruction arm. With the investment from Nisus Finance, the project is expected to speed up construction works, to deliver within RERA timelines and specifications.

The Dharmadev Group has a strong track record of delivering affordable homes in the state over the last 50 years. The project has all the necessary approvals to deliver over 1,085 apartments, with amenities, infrastructure and fit outs, over the next 12 to 24 months. Of the 21 towers, seven have applied for an occupation certificate and the developer has already given possession of 250-300 units. Additionally, five towers are near the finishing stage and are expected to receive occupation certificates by the next quarter. In the remaining 13 towers, 50 percent of super structure is complete.

 

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