The Special Window for Affordable & Mid-Income Housing (SWAMIH) Fund has sanctioned around ₹115 crore to complete the stalled Antriksh Valley project in Sector 1, Greater Noida West. The funding is expected to facilitate the completion of 316 residential and 15 commercial units on a three-side open 10,020 sq m land parcel, equipped with modern amenities, the developer said.
The project, developed by Diligent Builders Pvt. Ltd, was revived under new management during 2023–24. Following its standard procedures, SWAMIH approved the funding, with SBI Capital set to monitor project execution.
“The SWAMIH Fund approval assures homebuyers that project completion and timely possession remain our top priorities. Tower A is nearly finished, and the newly approved funds will support common amenities and construction of the second tower, redesigned to offer 3- and 4-BHK apartments to meet evolving market demand,” said Lt. Col. Ashwani Nagpal (Retd.), COO of Diligent Builders.
In 2023–24, the new management of Antriksh Valley began its revival by clearing land dues with the Greater Noida Authority (around ₹45 crore), settling RERA penalties (approximately ₹5.5 crore), and resolving exit requests from about 60 homebuyers with total dues of ₹15 crore. They obtained a sanctioned map by paying 25% of the land dues as recommended by the Amitabh Kant Committee and secured a RERA extension. While construction resumed smoothly after the takeover, the developer sought additional capital to accelerate work and ensure timely completion.
Also Read: Union housing minister Manohar Lal proposes dedicated fund to revive pre-RERA stalled projects
The latest funding from SWAMIH Fund represents a major step toward delivering the long-awaited project and bolsters confidence among prospective homebuyers. Launched in 2011–12, the project was originally slated for completion between 2016 and 2018 but faced prolonged delays due to market fluctuations, weak sales, fund management issues, demonetization, the COVID-19 pandemic, and other challenges. During the stalled period, rising refund demands from early homebuyers further strained finances.
What is the SWAMIH Fund
The SWAMIH Fund is a government-backed investment vehicle in India created to complete stalled housing projects, particularly those targeting affordable and mid-income homebuyers.
It has successfully completed over 61,000 homes in stalled projects till December 15. The fund is expected to deliver over 1 lakh homes, providing relief to over 4 lakh people, the finance ministry had said in a statement earlier.
The SWAMIH Investment Fund is managed by SBI Ventures Limited, a subsidiary of State Bank of India and operates as a social impact investment platform, providing last-mile funding to distressed residential projects, including those affected by legal challenges, NPAs, or weak developer balance sheets.
Also Read: Noida’s delayed projects: 10 years on, buyers continue to wait for possession in WTC-backed projects
The fund has raised an aggregate corpus of ₹15,531 crore, with participation from the central government, PSU Banks and LIC, to provide priority debt financing to stressed, brownfield and RERA-registered affordable and mid-income housing projects, thereby easing the financial burden on middle-class families who were paying both EMIs and rent due to project delays.
