Leading real estate consulting firm, Colliers India, recently assisted Stans Buildtech Homes Pvt. Ltd. in securing financing of Rs. 160 crores from SWAMIH Fund, managed by SBICAP Ventures Limited, for its SRA project. Sky Annex, located in Chembur, Mumbai, was taken over by Stans Buildtech in 2016 and has been under development since. A legacy of issues involving tenants, flat buyers, approvals, and lack of suitable financing to meet requirements led to the project being stalled, and is now set to resume, following the deal.
“This deal exemplifies SWAMIH Fund’s commitment to understanding and resolving complex real estate situations. By providing solution capital, we are not only unlocking value for various stakeholders but also fulfilling our objective of supporting homebuyers. This transaction enhances our position as a key player in the Indian real estate market”, says Suresh Kozhikote, Managing Director & CEO, SBICAP Ventures Limited.
Understanding the issues at numerous levels, the Colliers experts stepped in and presented a strategy that would navigate the situation and arrive at a solution that worked in the interest of all parties involved. Multiple rounds of negotiation were held with the landowner, developer, slum tenants, SRA Authorities, incoming investor, contractor, and flat buyers to work out a win-win solution and resume the project.
“At ‘Stans Buildtech Homes’ our foremost objective, supported by the SWAMIH fund, is to guarantee the punctual completion of the project. Colliers has been instrumental in achieving this collaboration”, says Azizur Rehman Momin, Managing Director, Stans Buildtech Homes Private Limited.
The Colliers team actively engaged with all stakeholders and ensured that the business needs of all parties involved were met. They played a significant role in persuading the borrower to grant institutional funding by curating an investment structure and working on governance and reporting requirements.
“We are delighted to play an active role in a financing transaction which involved working on a situation which unlocked value for various stakeholders including landowner, developer, tenants, flat buyers. We worked closely with SWAMIH Fund to structure a financing solution. At Colliers, with our strong understanding and team, we are specifically working on Special Situations with our ability to structure innovative solutions to unlock value, resolve deadlocks, participate in IBC cases across markets in India.”, says Piyush Gupta, Managing Director, Capital Markets & Investment Solutions for Colliers India.