Swamih Fund.
In a significant boost to housing completion efforts in Punjab, Antares Legal has advised SWAMIH Investment Fund-I on the extension of ₹68.5 crore in last-mile financing to Urban Nest Projects Private Limited for a group housing project in Zirakpur, SAS Nagar.
The funding has been extended by SBI Ventures Limited, acting through SWAMIH (Special Window for Affordable and Mid-Income Housing) Investment Fund-I. The capital infusion will support the development and completion of ‘The Zirk’, a group housing project located in Zirakpur in Punjab’s SAS Nagar district.
Strengthening Last-Mile Funding Efforts
The ₹68.5 crore financing forms part of SWAMIH Fund’s mandate to provide last-mile funding to stressed and stalled residential projects across India. The objective is to facilitate timely completion and delivery of homes to buyers, many of whom have faced prolonged delays due to funding gaps and liquidity constraints.
SWAMIH Investment Fund-I was established as a government-backed initiative to revive viable housing projects that are stuck due to financial stress. By stepping in with last-mile capital, the fund aims to unlock value in incomplete developments while restoring confidence among homebuyers and lenders.
The financing for ‘The Zirk’ is expected to expedite construction activity and move the project closer to completion, benefiting both the developer and prospective homeowners awaiting possession.
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Legal Advisory Mandate
Seher Ali, Antares Legal.
Antares Legal acted as legal counsel to SWAMIH Investment Fund-I in the transaction. The firm’s mandate encompassed conducting legal due diligence and title verification, structuring the investment, drafting and negotiating definitive transaction documents, and providing assistance through to closing.
The transaction team was led by Partners Seher Ali and Swati Varma, with support from Associate Sanskar Ajmera.
The advisory role involved assessing the project’s legal framework and documentation, ensuring compliance with applicable regulatory requirements, and safeguarding the interests of the fund in line with its investment mandate.
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Supporting Project Completion and Homebuyer Confidence
Swati Varma, Antares Legal.
The infusion of funds into Urban Nest Projects’ development at Zirakpur underscores the continued deployment of capital under the SWAMIH platform to revive viable residential projects. As part of its broader mission, the fund targets projects that are net-worth positive but stalled due to liquidity challenges, thereby bridging funding gaps that have historically delayed handovers.
By facilitating the completion of projects such as ‘The Zirk’, SWAMIH aims to deliver tangible relief to homebuyers while stabilizing the real estate sector in regional markets.
The transaction marks another instance of collaboration between institutional capital and legal advisors to address project-level funding bottlenecks and advance the objective of ensuring timely housing delivery.
