Private Equity

PE-RE Fund Investments

Nisus Finance invests Rs.155-Cr in Dharmadev Group’s affordable housing project in Surat

Economic Times  

Nisus Finance has invested over INR 155 crore in Swaminarayan Green City, a late-stage affordable housing project being developed by Dharmadev Group in Surat, Gujarat. The funding takes its total investment in the company's two projects to over INR 250 crore.Nisus has made the investment through its Real Estate Special Opportunities Fund-1 (RESO-1) managed by Nisus BCD Advisors LLP.The new investment is being used to pay back existing lender Omkara ARC, which in turn had acquired the loan from Piramal Capital & Housing Finance Ltd as part of the legacy DHFL loan book and for completion of the project.The project is part of a larger layout on a 12-acre land parcel comprising 4.5 million sq ft. The first phase of the project comprises 21 towers with 1.3 million sq ft of saleable area. The project is expected to deliver over 1,085 apartments across 21 towers over the next 12 to 24 months.