Rs 900 mn approved from SWAMIH fund for Meerut’s stalled projects

23 Aug 2022 CW Team

The Special Window for Affordable & Mid-Income Housing (SWAMIH) fund has approved about Rs 90 crore for completion of a stalled real estate project in Meerut, three people aware of the development said.

The last-mile funding, which includes Rs 75 crore for construction and Rs 14.5 crore as contingency fund, will lead to time-bound delivery of houses to 450 home buyers. The project started in 2015 but there has been no work since 2018. Total cost of the project is Rs 145 crore, of which almost Rs 50 crore has been invested.

Irfan A Kazi, CIO at SWAMIH Investment Fund, said: "We don't comment on individual transactional details".

The project was started by NCR-based Sikka Group, which formed a joint venture with a local land owner. The project, Sikka Krissh Greens, was being developed under the company name of Navgrah Developer, which has now been taken over by an individual investor.

With development potential of 650,000 sq ft, there were eight residential towers and almost 50% of the inventory was sold by the JV firm.

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