Mumbai’s real estate sector is set to receive a much-needed boost as a result of a recent collaboration between Colliers India, a leading real estate consulting firm, and Stans Buildtech Homes Pvt. Ltd. The firm assisted in securing financing of Rs. 160 crores for the Sky Annex project in Chembur, Mumbai, through the SWAMIH Fund, managed by SBICAP Ventures Limited.
Navigating Complex Issues to Resume Construction
Since its takeover by Stans Buildtech in 2016, the Sky Annex project has faced a series of challenges including issues with tenants, approvals, and a lack of suitable financing. These obstacles resulted in the project being stalled for an extended period. However, the recent collaboration between Colliers India and Stans Buildtech promises to address these concerns and resume construction. Recognizing the complex nature of the situation, the experts at Colliers India devised a strategic plan that involved negotiating with various stakeholders including the landowner, developer, slum tenants, SRA Authorities, incoming investor, contractor, and flat buyers. Through multiple rounds of negotiations, a win-win solution was developed that satisfied all parties involved and paved the way for the project’s resumption.
A Commitment to Homebuyers and Real Estate
Commenting on the successful financing deal, Suresh Kozhikote, Managing Director & CEO of SBICAP Ventures Limited, expressed the firm’s commitment to supporting homebuyers and resolving complex real estate situations. The transaction strengthens SWAMIH Fund’s position as a key player in the Indian real estate market. Azizur Rehman Momin, Managing Director of Stans Buildtech Homes Pvt. Ltd., echoed this sentiment, emphasizing the company’s objective to ensure the punctual completion of the project with strong support from the SWAMIH fund. Momin also commended the crucial role played by Colliers India in facilitating this collaboration.
Unlocking Value for Multiple Stakeholders
Colliers India’s involvement in this financing transaction has yielded positive outcomes for multiple stakeholders. Working closely with the SWAMIH Fund, they were able to structure a financing solution that met the needs of the landowner, developer, tenants, and flat buyers. The team also played a significant role in persuading the borrower to grant institutional funding, overcoming governance and reporting challenges. Piyush Gupta, Managing Director of Capital Markets & Investment Solutions for Colliers India, expressed the firm’s delight at being involved in a transaction that unlocks value for various stakeholders. He emphasized Colliers India’s expertise in structuring innovative solution to resolve deadlocks and participate in IBC cases across markets in India.
Looking Ahead
With the successful financing deal and the assistance provided by Colliers India, the Sky Annex project is poised to recommence construction. The collaboration between Stans Buildtech Homes Pvt. Ltd. and Colliers India exemplifies the commitment to resolving complex real estate situations and supporting homebuyers in India’s dynamic real estate market. By working out win-win solutions and unlocking value for all parties involved, Colliers India has proven their ability to navigate complex real estate situations, ensuring the completion of projects and meeting the needs of diverse stakeholders. This collaboration serves as a testament to the potential of the Indian real estate sector and the positive impact that strategic partnerships can have in revitalizing projects and boosting growth.
