SWAMIH fund okays Rs 2.07 bn for stalled Noida project
Real Estate

SWAMIH fund okays Rs 2.07 bn for stalled Noida project

The Special Window for Affordable & Mid-Income Housing (SWAMIH) fund has approved about Rs 2.07 billion for completing a stalled real estate project in Greater Noida.

The last-mile funding, the first instalment of which released recently, will lead to time-bound delivery of houses to 1,000 home buyers at Sikka Kimaya Greens.

“The project registered in the name of Eco Green Buildtech was started by the Sikka Group, but is stuck midway. The builder had dues of Rs 740 million, of which it has paid Rs 410 million from the first instalment,” said a Greater Noida authority official. The SWAMIH fund has approved funding for over 30 projects in the National Capital Region, and this is the third project in Greater Noida to receive funding.

“This was a difficult project to fund and the road ahead is also difficult. We will need support of homebuyers and authority to complete the project,” said Irfan A Kazi, chief investment officer at SWAMIH Investment Fund.

The project was launched in 2014 and was supposed to be delivered by 2020.

“We were managing the construction, but Covid impacted the project. With the fund, we will start delivering units three months from now and will complete the project within 18 months,” said Harvinder Singh, managing director of the Sikka Group.

See also:
The growth curve in Chennai real estate
Top 10 Fastest Growing Construction Companies


The Special Window for Affordable & Mid-Income Housing (SWAMIH) fund has approved about Rs 2.07 billion for completing a stalled real estate project in Greater Noida. The last-mile funding, the first instalment of which released recently, will lead to time-bound delivery of houses to 1,000 home buyers at Sikka Kimaya Greens. “The project registered in the name of Eco Green Buildtech was started by the Sikka Group, but is stuck midway. The builder had dues of Rs 740 million, of which it has paid Rs 410 million from the first instalment,” said a Greater Noida authority official. The SWAMIH fund has approved funding for over 30 projects in the National Capital Region, and this is the third project in Greater Noida to receive funding. “This was a difficult project to fund and the road ahead is also difficult. We will need support of homebuyers and authority to complete the project,” said Irfan A Kazi, chief investment officer at SWAMIH Investment Fund. The project was launched in 2014 and was supposed to be delivered by 2020. “We were managing the construction, but Covid impacted the project. With the fund, we will start delivering units three months from now and will complete the project within 18 months,” said Harvinder Singh, managing director of the Sikka Group. See also: The growth curve in Chennai real estateTop 10 Fastest Growing Construction Companies

Next Story
Real Estate

Redevelopment Rush

Mumbai is on the cusp of an urban transformation, driven by the pressing need to replace ageing, unsafe buildings with modern, high-density developments. The scale and pace of redevelopment across the city is unprecedented – and yet fraught with complexity.Redevelopment has become a defining strategy for urban renewal in Mumbai. One of the most challenging aspects is the displacement it entails – residents are often required to vacate their homes and live in transit accommodations until the new structures are ready. This raises valid concerns: Will the transit housing meet our needs? Will ..

Next Story
Infrastructure Energy

Powering the Future

Uninterrupted power supply is vital for modern living and, in urban settings, infrastructure is increasingly energy-sensitive. So, generator sets (gensets), a backbone of power continuity, are essential to ensure that human activity continues during grid outages or load-intensive phases of construction. However, TV Ganesh, Executive Director - Technical, Shriram Properties, recommends viewing genset technology not in isolation but as part of a broader ecosystem of intelligent, sustainable infrastructure...To read the full article Click Here ..

Next Story
Infrastructure Urban

Where Sports Meets Structure

Dalmia Bharat’s shuttlecock-shaped badminton centre in Bhubaneswar is a bold leap in sports infrastructure – symbolic in form, global in ambition and sustainable by design. A collaboration with the Odisha government and Gopichand Academy, it reflects India’s evolving sporting vision.Building more than an academy At the heart of ‘Shuttle by Dalmia Bharat’ lies a powerful vision, one that sees infrastructure not merely as physical structures but catalysts for national progress. “With this project, the intent was to build more than a badminton academy,” says Puneet Dalmia,..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?