Windlass Developer closes large real estate deal of Uttarakhand for Windlass River Valley

 SWAMIH Investment Fund I to invest up to Rs 171 crore in the township project

Dehradun-based Windlass Developer has received approval from SWAMIH Investment Fund I to invest up to Rs 171 crores for its township project – Windlass River Valley. This new funding will help the company complete the ongoing launched phases in the 35 acres integrated township, accelerate development and expand its real-estate scale. Windlass River Valley Township is the largest fully integrated development project of Uttarakhand.


SWAMIH Investment Fund I is a category II Alternative Investment Fund formed under the Special Window for Affordable and Mid-Income Housing as announced by Hon'ble Finance Minister, Government of India, to provide last mile funding enable completion of housing projects across the country.

Given the headwinds in real estate and the post-pandemic world, this fundraising has become more important due to scarcity in the emergence of capital from any alternate sources, and SWAMIH Investment Fund I sponsored by the government of India has been a key enabler for several projects where last-mile liquidity support needs to be provided. SWAMI Fund is estimated to fund the completion of over 6,000 housing units by the end of FY22 and 1,310 units by April 2021.

Ashika Capital, a future-focused investment banking firm, was the lead advisor to this deal.

Suresh Kozhikote, CEO, SBICAP Ventures, said, "Given the current economic and real estate situation, investment by SWAMIH Fund in a project provides a lot of impetus and assurance in re-establishing confidence in the completion of projects. While the developer is exclusively responsible for overall development, including approvals, quality of construction, and delivery timelines, SWAMIH Fund will ensure that project cash inflows are fully utilized for project development. SWAMIH Fund is actively pursuing its objective of funding the completion of residential projects across India, including smaller towns like Dehradun, which are not on most institutional investors' radar."

Pranav Rastogi, CEO, Windlass, stated, "We are glad that SWAMIH Investment Fund I managed by SBICAP Ventures sees merit in our project and has decided to back us in enabling the dreams of hundreds of our customers to come true. Windlass River Valley, situated on National Highway - 72 in Dehradun."

Yogesh Shetye, president, Ashika Capital, said, "We appreciate how the transaction was skillfully navigated, enabling SWAMIH fund to provide a winning solution to homebuyers and in expediting the development of the project."

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