Bangalore development body gives occupancy certificate for first project under Centre's special fund

BENGALURU: The Bangalore Development Authority (BDA) has granted partial occupancy certificate for the Mantri Serenity project in Doddakallasandra village in Bangalore South Taluk, making it the first real estate project in the City funded by the special window created by the Centre to get this clearance.

The Swamih Investment Fund, sponsored by the Department of Economic Affairs, was created on November 6, 2019, to provide priority debt financing for the completion of stalled, brownfield, (projects stopped due to lack of funds), RERA registered housing projects in the affordable housing or mid-income category. SBICAP Ventures Ltd is the investment manager for it.

A relieved buyer Santosh Patil expressed his happiness over the partial occupancy order issued by the BDA.

The New Indian Express has a copy of the BDA order which states that 1240 residential units in the multi-storied Tower 4, Tower-5 and Club House-1 have been given the certification. Tower-4 has 680 flats including 100 reserved for the economically weaker sections while Tower-5 has 560 flats. Club House-1 will be a commercial building with a lower ground, ground floor and four floors above it.

Bookings for this project on Kanakapura Road, built by Mantri Castle Pvt Ltd, commenced in 2012. "It stopped construction in 2018 due to fund shortage. It has taken ten years to complete the project. Funding to the tune of nearly Rs 300 crore was offered by the Swamih fund," he said.

The project has two more towers ( Numbered 1 and 3) which are also completed but await an occupancy certificate. "The four towers which have been completed happened only due to the Swamih fund. Many families have already moved in and this certification gives them a legal status now," Patil said. Tower numbered 2 was completed in 2015 and was granted the occupancy certificate while Tower 6 is yet to start construction.

The home buyers of Mantri Serenity Buyers Association have expressed their gratitude to the government for this initiative.