SWAMIH to invest Rs 100 cr in a stuck housing proj in Gurugram

Noida: Real estate stress fund SWAMIH is investing Rs 100 crore in a housing project in Gurugram that is being developed by Imperia Group. The move will benefit around 450 homebuyers whose homes are stalled in the project currently.

The deal has been facilitated by JLL. 

SWAMIH Investment Fund I will provide the necessary fiancés of Rs 100 crore for completion of phase II of ‘The Esfera' project in Gurugram, JLL said in a media release. 

The project was started in 2012 as 1.2 million square feet mid-segment housing project spread across 11 acres of land in Sector 37C, Gurugram. 

“In the last two years, the supply was restricted in this market due to the circle rates and lack of stamp duty benefits. But the situation is turning positive with an array of tier I launches in the city. In fact, this micro market has been leading in sales of upper middle and high-end segments within the entire NCR region in the past few quarters. Prices have remained benevolent, but we see fair opportunity of appreciation in the coming few months to years,” said Manish Aggarwal, Managing Director, North and East, India, JLL.