PE-RE Fund Investments
SWAMIH Fund invests Rs.195-Cr to back ReaRCo’s acquisition of KV Developers’ Noida project
Real estate asset resolution company ReaRCo Private Limited has secured INR 195 crore from the government-backed SWAMIH Fund to facilitate the acquisition of Greater Noida-based KV Developers’ project ( Wind Park ) through the insolvency resolution process and the project's completion. As part of the resolution plan, ReaRCo cleared dues of INR 35 crore to financial institutions and INR 60 crore to the development authority. Furthermore, approximately 40 homebuyers who opted out of the project received refunds totaling INR 10 crore.The KV Developers project, which commenced in 2012-13, experienced a stall in construction, leading to insolvency proceedings in 2019 impacting nearly 400 homebuyers. The newly secured funds are designated for the ongoing construction of 646 units spread across five towers, with possession expected by the end of the year. The project's amenities have also been upgraded.
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