Nisus Finance Invests Rs 155 Crore in Dharmadev Group's Affordable Housing Project in Gujarat

Nisus Finance has recently announced a significant investment of Rs 155 crore into an affordable housing venture undertaken by Dharmadev Group in Surat, Gujarat. This funding is aimed at accelerating the development of 'Swaminarayan Green City', a sprawling project spread across 12 acres of land with a total built-up area of 4.5 million square feet.

The project, currently in its advanced stages, comprises 21 towers offering a combined saleable area of 1.3 million square feet. Nisus Finance facilitated this investment through its Real Estate Special Opportunities Fund-1 (RESO-1), managed by Nisus BCD Advisors. This fund had previously invested Rs 95 crore in Dharmadev Group’s commercial project in Narol, Ahmedabad, highlighting Nisus Finance's continued support for Dharmadev Group's growth and development initiatives.

Dharmadev Group, with a rich history spanning over 50 years in delivering affordable housing solutions in Gujarat, has obtained all necessary approvals for the 'Swaminarayan Green City' project. The development is set to deliver 1,085 apartments equipped with essential amenities, infrastructure, and high-quality fit-outs within the next 12 to 24 months. Currently, seven towers have already applied for occupation certificates, with approximately 250-300 units already handed over to buyers. Five additional towers are nearing completion and are expected to receive their occupation certificates by the next quarter. Construction progress in the remaining 13 towers is also well underway, with 50% of the superstructure already completed.

The infusion of Rs 155 crore from Nisus Finance is expected to significantly expedite the project's construction timeline, ensuring compliance with RERA (Real Estate Regulatory Authority) guidelines and specifications. This financial backing underscores Nisus Finance's confidence in Dharmadev Group's execution capabilities and the promising outlook for affordable housing in Gujarat.

Beyond financial considerations, this investment is poised to have broader implications for Gujarat's real estate sector, addressing critical needs for affordable housing. By facilitating such investments, Nisus Finance aims not only to generate financial returns but also to contribute to socio-economic development by alleviating housing shortages and enhancing infrastructure.

As the project progresses towards completion, stakeholders anticipate that the collaboration between Nisus Finance and Dharmadev Group will set new benchmarks in project execution and positively impact the real estate landscape in Surat. 'Swaminarayan Green City' is set to redefine standards for affordable housing in Gujarat, offering modern amenities and quality living spaces to prospective homeowners.

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