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After funding from SWAMIH, Ansal Housing to deliver flats in Highland Park project

Priya Singh | 2024-01-17

After having received the critical financial infusion under the Special Window for Affordable and Mid Income Housing (SWAMIH) fund, Ansal Housing is fast tracking the execution of ‘Ansals Highland Park’ project in Gurugram and plans to deliver all the 680 units by November 2022.

Ansals Highland Park has a total of 680 units with 2BHK and 3BHK housing units. It is located in Sector 103 near the Dwarka Expressway in Gurugram. The project is well connected to IGI Airport and the National Highway 8.

“Ansals Highland Park is one of the few real estate projects that have qualified for funding under the SWAMIH Fund after meeting the tough requirements set by the government The project is net worth positive and over 60% complete. The total financial assistance under the SWAMIH fund for the project will be Rs 89 crore which will be in phases. Rs 20 crore released in the first phase and the rest of the money will be released in quarterly tranches of Rs 15-20 crore each,” said Kushagr Ansal, director, Ansal Housing.

The construction of the project was going on smoothly and at a steady pace. However, due to unforeseen and unavoidable circumstances, there were deviations from the original plan laid out for the completion of the project. The circumstances caused considerable delays. It is on the basis of its strong financial status that the project has been able to get financial assistance from the SWAMIH Fund or the Alternate Investment Fund.

Ansals Highland Park is being executed by Identity Buildtech, a special purpose vehicle and 100% subsidiary of Ansal Housing. The project was launched in 2013 and saw steady construction in the initial years. However, the market dynamics changed with a number of regulatory changes, market sentiments, banking stress, etc which caused extreme liquidity crisis across the real estate sector. Despite the liquidity issues in the sector, the construction at Ansal Highland Park site never stopped completely.

SBI Capital Venture, which is running and managing the Fund, will be informed at all times of the construction progress in the project along with the Highland Park Buyers Association.