SWAMIH Fund to exit from Rs. 230cr investment in Mantri Serenity
Project Overview
Mantri Serenity is a mid-income residential project located at Bengaluru developed by Castle Vistas Pvt Ltd promoted by Mr. Sushil Mantri of Mantri Developers.
Project has saleable area of 24.32 lakh sq.ft. with 1800 units in 4 blocks.
The Location
Project is located in emerging residential area of Kanakpura Road, Bengaluru.
Project History
Project was launched in 2011 and expected to complete by 2017-18.
However, delayed due to various reasons such as lack of funding from existing lender, slower sales and collection than expected.
Overall, the project was delayed by about 3-4 years.
SWAMIH Investment
Project was launched in 2011 and expected to complete by 2017-18.
However, delayed due to various reasons such as lack of funding from existing lender, slower sales and collection than expected.
Overall, the project was delayed by about 3-4 years.
SWAMIH Impact
Project completed within ~4 years of investment despite losing 4-5 months in covid lockdowns.
Monitoring to ensure no diversion of funds u2013 all inflows are used for project completion
Contractor/vendors dues cleared. Salaries paid to the employees
~350 new units sold; ~450 Cr collected
1800 homebuyers to finally get their homes
Able to resolve legal /regulatory challenges during Asset management to recover full amount.
