Listen To The Article
The Special Window for Affordable and Mid-Income Housing (SWAMIH) fund has accepted approximately Rs 207 crore for the completion of a stalled real estate project in Greater Noida.
The last-mile funding, of which the first instalment was recently released, will result in the timely supply of homes to 1,000 house consumers at Sikka Kimaya Greens.
“The Sikka group started the Eco Green Buildtech project, but it got stuck halfway through.” “The builder owed Rs 74 crore, of which Rs 41 crore was paid in the first instalment,” said a Greater Noida authority official.
The SWAMIH fund has accepted funding for over 30 projects in the NCR, and this is the third project in Greater Noida to receive funding.
“Funding this project was difficult, and the road ahead is also difficult.” “We will need homebuyer support and authority to complete the project,” said Irfan A. Kazi, CIO at SWAMIH Investment Fund. The project was announced in 2014 and was expected to be completed by 2020.
“We were in charge of the construction, but COVID had an impact on the project.” “With the funds, we will begin delivering units in three months and complete the project in 18 months,” said Harvinder Singh, managing director of Sikka Group.
That project was also initiated by the NCR-based Sikka Group, which formed a three-way partnership with a local landowner. Sikka Krissh Greens was being developed under the corporate name of Navgrah Developer, which was later taken over by a single investor.
SWAMIH Investment Fund was established to complete the development of stalled, brownfield, RERA-registered residential developments in the low- to mid-income range that are also internet value positive.
To address this issue, the central government announced in November 2019 a Rs 25,000-crore special window to help complete over 1,500 burdened housing projects totalling approximately 458,000 housing units.
Source-ET
