Omaxe Group said on December 2 that it has repaid around ₹80 crore in loans taken from the government-backed SWAMIH stress fund for two of its projects in New Chandigarh and Prayagraj.
The SWAMIH (Special Window for Affordable and Mid-Income Housing) fund had sanctioned ₹168.80 crore for the ‘The Lake’ project in New Chandigarh and ₹60.40 crore for the ‘Omaxe Shiva, Shiva 2, and Shiva 3’ project in Prayagraj, the company said.
Against the total sanctioned amount, Omaxe Group said it drew only ₹70 crore. The company repaid around 80 crore, including interest.
The Lake, New Chandigarh is a premium group housing development with a saleable area of 28,00,205 sq. ft., comprising 1,402 units. In Prayagraj, Omaxe Shiva, Shiva 2 and Shiva 3 collectively offer independent floors with a saleable area of 5,60,680 sq. ft., comprising 304 units, the company said.
“Against the total sanctioned amount, Omaxe Group utilised and drew only part disbursement which the company has fully repaid around 80 crore. With construction now substantially complete across both developments, Omaxe has fully repaid the utilised SWAMIH facility, entirely from internal project cash flows,” the company said.
“Our association with the SWAMIH Fund has been instrumental in advancing these projects to completion. We deeply appreciate their support and partnership. The full repayment of the facility—entirely through internal cash flows—reaffirms Omaxe’s commitment to financial discipline, timely delivery, and responsible development. As we progress, we remain focused on creating high-quality living environments and delivering sustained value for all our stakeholders,” said Mohit Goel, Managing Director, Omaxe Ltd.
The central government had in November 2019 launched the SWAMIH Investment Fund to help complete over 1,500 stalled housing projects, including those that have been declared non-performing assets (NPAs) or had been admitted for insolvency proceedings. The move was to help 4.58 lakh housing units across the country. Only RERA-registered projects with a positive net worth are to be provided funding.