SWAMIH Fund achieves completion of Panchsheel Greens 2 in Greater Noida

SWAMIH Fund has already completed more than 4,000 homes in the last 12 months.

Tasked with funding stuck projects across the country, the government's Rs 25,000-crore stressed-asset fund SWAMIH has achieved completion of Panchsheel Greens 2 in Greater Noida, the finance ministry said on March 21.

Today, Government of India (GOI)-sponsored SWAMIH Fund achieved another landmark with the completion of Phase 2 of Panchsheel Green 2, Greater Noida, it tweeted.

Within eight months of project receiving SWAMIH funding, Phase 2 launched in 2012 of Panchsheel Greens 2 with 760 units across four towers and villas have been delivered. The keys were handed over to homebuyers, the ministry said.

The project was stressed due to paucity of cash flows and funding commitment by the government's SWAMIH Fund has resulted in the project's revival, providing relief to over 750 distressed families of homebuyers and direct employment to more than 600 labourers, the ministry said.

SWAMIH Fund has already completed more than 4,000 homes in the last 12 months. It is currently on track to complete at least 10,000 homes every year in the next three to four years, the ministry tweeted.

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Also Read: SWAMIH Fund exits from its investment in Mumbai's housing project CCI Rivali Park

SWAMIH provides relief to homeowners by way of 252 projects with an investment of Rs 24,151 crore sanctioned and will benefit 1,47,378 homebuyers, it said.

In November 2019, the central government launched SWAMIH Investment Fund to help complete over 1,500 stalled housing projects, including those that have been declared non-performing assets (NPAs) or had been 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 are to be provided funding.

Also Read: SWAMIH Fund achieves closure of housing project in Bhiwadi, Rajasthan