SWAMIH Fund approves Rs 207 crore for Sikka Group project in Greater Noida Real Estate News, ET RealEstate

The Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund has approved around Rs 207 crore to complete a stalled real estate project. Greater Noidasaid three people aware of the development.

The last-mile funding, the first installment of which has been released recently, will result in time-bound delivery of homes to 1,000 home buyers. Sikka Kamaya Greens,

“The project is registered in the name of Eco Green Buildtech was started by coin set But got stuck in the middle. The builder was owed Rs 74 crore, out of which he has paid Rs 41 crore from the first instalment, said an official of the Greater Noida Authority.

Swami Fund has approved funding for over 30 projects in NCR and this is the third project in Greater Noida to receive funding.

“It was a difficult project to fund and the road ahead is even tougher. We will need the support of homebuyers and the authority to complete the project,” said Irfan A Kazi, CIO SWAMIH Investment Fund,

The project was started in 2014 and was to be completed by 2020.

“We were managing the construction but Covid hit the project. With this fund, we will start delivery of units in three months from now and complete the project within 18 months.

In August, the fund had sanctioned Rs 90 crore to complete a stalled real estate project in Meerut.

That project was also undertaken by the NCR-based Sikka Group, which formed a joint venture with a local land owner. The project, Sikka Krish Greens, was being developed under the company name of Navagraha Developer, which was later taken over by an individual investor.

SWAMIH Investment Fund has been formed to fund construction of stalled, brownfield, RERA-registered residential developments that are in the affordable housing/mid-income segment and are also net worth positive.

While the impact of liquidity issues was felt across all asset classes, the residential real estate segment was the hardest hit.

To ease this constraint, the central government in November 2019 announced a special window of Rs 25,000 crore to help complete over 1,500 stressed housing projects comprising about 458,000 housing units.

The move was directed towards stressed residential real estate assets under construction that have not yet been completed, including those that have been declared non-performing assets and admitted into bankruptcy proceedings.