Real estate company Ansal Buildwell will receive Rs 47 crore from the government-backed SWAMIH Investment Fund to complete a 1,000-unit housing project in Haryana's Faridabad.
"SWAMIH fund has sanctioned Rs 47 crore to complete Ansal Crown Heights project in Faridabad. The amount will be utilized to complete Phase 1 comprising four towers within three months. Occupation Certificate for this phase has been applied for. Phase 2 comprising four towers will be completed by December 2023,” Ansal Buildwell CFO Ravinder Kumar Jain told Moneycontrol.
Irfan A Kazi, chief investment officer, SWAMIH Investment Fund, SBICAP Ventures Ltd, told Moneycontrol, “We cannot confirm the amount. We don’t do that for any of the developers but we have done this deal. This demonstrates our view that we will help homebuyers regardless of the track record of the projects or the promoters. As many as 25 projects in NCR including those in Bhiwadi, Sonepat, Panipat, Gurgaon, Noida, Greater Noida, Ghaziabad among others will benefit from the SWAMIH Fund. We have started disbursement in most of these projects.”
Financial advisory firm Sambhav Consultancy facilitated the deal.
Ansal Crown Heights was launched almost a decade ago in Sector 80 of Faridabad in an equal joint venture with a local builder. The construction of this 18-acre project was delayed following a dispute with the joint venture partner.
In November 2019, the Centre launched the SWAMIH Investment Fund to help complete more than 1,500 stalled housing projects, including those declared non-performing assets (NPAs) or admitted for insolvency proceedings. The move was to help 4.58 lakh housing units across the country. Only RERA-registered projects with a positive net worth will be provided funding.
Vaibhav Jain, director, Sambhav Consultancy, confirmed that Rs 47 crore would be utilised to complete the Faridabad project stuck for almost a decade. “The project was at an advance stage when it got stuck. The initial disbursement has already taken place and the rest would be released in tranches basis the progress in construction,” he said.
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