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SWAMIH Fund invests Rs 300-cr in Hubtown’s residential project in Mumbai

Tuesday, 02 Apr 2024
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The government-backed Special Window for Completion of Construction of Affordable and Mid-Income Housing Projects (SWAMIH I), has made an investment of around Rs 300 crore in real estate developer Hubtown’s residential project in Mumbai, Maharashtra.

The project, Rising City, is located in Ghatkopar locality of the city and is in proximity to the Eastern Express Highway. It consists of six towers with a total of more than 700 apartments, of which 550 apartments are already sold. The definitive documents for the financing transaction have been registered and the first tranche of the funds have already been deployed for project completion, which will provide relief to more than 550 homebuyers awaiting delivery of their apartments.

The project was launched in 2013 but was delayed for delivery due to regulatory issues. However, in 2023, the project received all necessary approvals. It is being developed solely by Hubtown, which aims to complete the project in the fastest possible time. Witnesing robust demand and sales, the positive outlook has helped in reviving several projects across the city.

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