SWAMIH fund okays Rs 2.07 bn for stalled Noida project

29 Nov 2022 CW Team

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.

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