Omaxe Repays ₹80 Crore SWAMIH Stress Fund Loans for New Chandigarh and Prayagraj Projects

Omaxe Group announced on December 2 that it has repaid approximately ₹80 crore in loans taken from the government-backed SWAMIH (Special Window for Affordable and Mid-Income Housing) stress fund. The funds were allocated for two significant projects: 'The Lake' in New Chandigarh and 'Omaxe Shiva, Shiva 2, and Shiva 3' in Prayagraj.

The SWAMIH 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. Despite the total sanctioned amount, Omaxe Group only drew ₹70 crore and has now repaid ₹80 crore, including interest.

The 'The Lake' project in New Chandigarh is a premium group housing development with a saleable area of 28,00,205 square feet, comprising 1,402 units. In Prayagraj, the 'Omaxe Shiva, Shiva 2, and Shiva 3' projects offer independent floors with a saleable area of 5,60,680 square feet, comprising 304 units. The company stated that construction is now substantially complete across both developments.

Against the total sanctioned amount, Omaxe Group utilized and drew only part disbursement, which the company has fully repaid. The repayment was entirely from internal project cash flows, highlighting the company's financial discipline and commitment to timely project delivery.

Mohit Goel, Managing Director of Omaxe Ltd., expressed gratitude for the support and partnership with the SWAMIH Fund. He stated, “Our association with the SWAMIH Fund has been instrumental in advancing these projects to completion. 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.”

The central government launched the SWAMIH Investment Fund in November 2019 to help complete over 1,500 stalled housing projects, including those declared non-performing assets (NPAs) or admitted for insolvency proceedings. The initiative aims to help 4.58 lakh housing units across the country. Only RERA-registered projects with a positive net worth are eligible for funding.

This repayment by Omaxe Group is a significant milestone, demonstrating the company's strong financial health and commitment to responsible development. It also underscores the effectiveness of the SWAMIH Fund in supporting the real estate sector and ensuring the timely completion of projects.