Noida: SWAMIH Fund will infuse Rs 115 crore to complete Diligent Builders’ stalled Antriksh Valley project in Sector 1 of Greater Noida West. The corpus will be used to complete the remaining tower of the project with three and four-BHK apartments and develop common amenities, including double-basement parking, a clubhouse, gym and landscaped green areas.Launched in 2011-12, the project, with 316 residential and 15 commercial units on a 10,020 sqm plot, was to be completed by 2018 but was delayed due to market fluctuations, weak sales, fund management issues, demonetisation and the Covid pandemic. It is now targeted for completion by Dec 2027, with SBI Capital monitoring the execution and fund utilisation. Officials said Rs 95 crore will be invested initially, and the remaining Rs 20 crore would be infused through secured non-convertible debentures (NCDs). Money would be released through an escrow account to ensure financial discipline and timely delivery.Lt Col Ashwani Nagpal (retd), COO of Diligent Builders, said the SWAMIH funding would help restore homebuyer confidence. He added that Tower A of the project was on the verge of completion, and the common amenities and the second tower would be completed with the newly approved funds.After remaining stuck for several years, the project was revived by the new management in 2023-24. It cleared around Rs 45 crore in land dues to the Greater Noida Authority, Rs 5.5 crore in RERA penalties, and exit claims of nearly 60 homebuyers amounting to about Rs 15 crore. The developer also got a revised project map sanctioned from the Authority after paying 25% of land dues as part of the UP govt’s rehabilitation policy. Subsequently, it obtained an extension from the real estate regulator.Although construction resumed after the takeover, the developer required additional capital to accelerate execution and ensure timely completion.The investment carries a committed return of 12% internal rate of return (IRR) for the fund and is backed by safeguards, including a mortgage on project land, a charge on receivables, a pledge of 100% equity shares of the developer, and personal guarantees from promoters. The fund also retains step-in rights in case of default. Apart from Antriksh Valley, the developer plans to revive two more stalled projects, one each in Ghaziabad and Mathura (Vrindavan).
