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SWAMIH Fund to invest in six Amrapali projects worth Rs 650 cr

2021-08-10

The sources told the media that the government's Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund I will invest Rs 650 crore in six Amrapali's housing projects in Noida and Greater Noida.

SBI Capital Markets Ltd (SBICAP) Ventures fund manager said that the company had signed an agreement with the Supreme Court, appointed a receiver for infusing the funds. The projects receiving the funds are Silicon City-1, Silicon City-2, Centurian Park-Low Rise, O2 Valley, Crystal Homes, and Tropical Garden. Among these, 6,947 projects are stalled, out of which 6,132 projects are sold, but the homebuyers are yet to receive the delivery. These housing projects were launched almost a decade ago, between the year 2011-2013 and have been delayed over 4-5 years from the promised delivery time.

The fund manager said that the National Buildings Construction Corporation Ltd (NBCC) would assist the Court's receiver, which took the construction projects as per the Supreme Court's order, including completion of 22 Amrapali housing projects, stalled due to the financial crisis of the real estate firm. The SWAMIH Funding will expedite the progress of the work of these six projects.

CEO and MD of SBICAP Ventures, Suresh Kozhikote, said that the funding would not only complete 7,000 stuck housing projects, but it will also generate a considerable amount of employment opportunities and open the capital investment at various levels.

Previously, the Court's receiver, R Venkataramani and its Committee members formed a Section 8 Company, Amrapali Stressed Projects Investments and Resolution Establishments, as a Special Purpose Vehicle (SPV) to secure the funding for completing these projects.

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