As many as 1,300 homebuyers invested in the Panchsheel Greens II project in Greater Noida (West) can now heave a sigh of relief as the stuck project has received approval of Rs 249 crore from SBICAP Ventures, the manager for the government’s Rs 25,000 crore stressed asset fund.
Panchsheel Greens II is the second project in Greater Noida which has received financial assistance from the stressed fund. Earlier, Rs 165 crore was sanctioned to the Capital Athena project, Greater Noida Industrial Development Authority (GNIDA) said in a statement.
Three more group housing projects in the region have applied for the benefit and are expected to receive assistance from SBICap, the statement said.
The Panchsheel Greens project in Greater Noida (West) has received approval of Rs 249 crore from SBI Cap. Its first installment has also been released. Greater Noida Authority has received Rs 37 crore as its dues. The developer owes an amount of Rs 135 crore to the GNIDA, the statement said.
Capital Athena project was the first project in Greater Noida to receive funding from the stressed asset fund. Of the Rs 165 crore, the authority has received Rs 31 crore as part of the first installment of dues. The second installment is expected to be received by October 15. As many as 900 flats are being completed with the help of the stress funding, the GNIDA statement said.
“More developers should come forward to complete their projects and GNIDA will co-operate with them. With the completion of these two projects (Panchsheel Greens and Capital Athena), the dream of about 2,200 flat buyers will be fulfilled,” said GNIDA CEO Narendra Bhooshan.
SBICap has so far completed 1,100 stuck houses in five projects across the country and is hopeful that if there are no further COVID-related delays, 10,000 homes will be completed by the end of the financial year. The Fund has so far accorded final approval to as many as 87 real estate projects that will see the completion of 53,000 homes.Also Read: NBCC receives around Rs 100 crore from SBICap for six stalled Amrapali projects: Sources
Mumbai-based Rivali Park Wintergreens is the first investment by the Fund and is also the first project to be completed. It is a large project spread over 7 acres consisting of 708 units of various configurations. The project is Rivali Park Wintergreen is developed by CCI Projects Pvt Ltd (CCIPPL), an associate company of Cable Corporation of India Ltd.
In November 2019, the Central government announced a Rs 25,000 crore 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.
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