SWAMIH Sanctions Rs 115 Cr for Antriksh Valley

The SWAMIH Fund supported by the government has approved about 115 crore to help the completion of the uncompleted project of Antriksh Valley in Sector 1, Greater Noida West. The finance will fund the provision of 316 residential and 15 commercial units which will be allocated on a three-side open space area of 10,020 sq m.

The project was never completely finished and was revived in 2023-24 by a new management developed by Diligent Builders Pvt. Ltd. Monitoring execution will be an element of the regular oversight mechanism of the fund by SBI Capital. Lt. Col.

Key Highlights

• SWAMIH Fund approves Rs 115 crore for Antriksh Valley.
• 316 homes and 15 shops to be completed.
• Diligent Builders Pvt. Ltd. leads project revival.

Ashwani Nagpal (Retd.), the COO of Diligent Builders, stated that Tower A is almost complete, whereas the newly approved capital will allow building common facilities and a reimagined second tower that will provide 3- and 4-BHK apartments.

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After the takeover the developer paid approximately 45 crore in land dues to Greater Noida Authority, paid RERA penalties, refund claims and obtained approvals, including a RERA extension. After that, construction was returned, but more capital was needed to speed up the process.

The SWAMIH Fund, managed by SBI Ventures Limited, has already finished more than 61,000 homes, and is targeting to hand out over one lakh homes across the country, which is important last-mile funding to stressed residential construction projects and is rebuilding confidence among the homebuyers.