The Eco Green Buildtech housing project in Greater Noida has received the first instalment of Rs 41 crore under the Special Window for Affordable & Mid-Income Housing (SWAMIH) fund. The move will pave the way for the time-bound delivery of 1,000 flats in the stalled project. The money has been deposited with the Greater Noida Authority.
According to a statement issued by the Greater Noida Authority on Saturday, Eco Green Buildtech has become the third project in Greater Noida to receive a grant under the SWAMIH fund. The other two are Capital Athena and Panchsheel Greens-2.
The central government has formed the SWAMIH Fund to financially help stalled projects so that homebuyers can get their flats in a time-bound manner. SBI Capital is responsible for providing financial aid under the scheme to stalled projects.
The statement said that the SWAMIH fund has approved about Rs 207 crore for completion of the stalled real estate project and also to clear dues of Rs 74 crore owed to the Greater Noida Authority.
“The Eco Green Buildtech project got stuck midway. The project has got the first instalment of Rs 41 crore under the SWAMIH fund. The developer owed Rs 74 crore to the Authority, of which it has paid Rs 41 crore from the first instalment. This will lead to time-bound delivery of houses to 1,000 home buyers who have invested in the project,” the statement said.
Greater Noida Authority CEO Ritu Maheshwari said that the funds received from the developer against the dues will be spent on development works in the region.
“The CEO has appealed to builders to come forward and apply for funds so that they can pay the Authority their dues and complete their projects on time. The Authority is ready to help such developers,” the statement said.
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