SWAMIH Fund to invest Rs.650-Cr in six stalled Amrapali projects in Noida, Greater Noida

The SWAMIH Investment Fund I (SWAMIH Fund), sponsored by the Centre and managed by an arm of SBICAP Ventures, will invest INR 650 crore in six projects of the erstwhile Amrapali Group at Noida and Greater Noida. SBICAP Ventures has signed an agreement with the Supreme court appointed receiver for infusing the funds. The projects receiving the funds are Silicon City-1, Silicon City-2, Crystal Homes, Centurian Park- Low Rise, O2 Valley and Tropical Garden, where 6,947 units are stalled, of which 6,132 units are sold but homebuyers are awaiting delivery. These projects were launched between 2011 and 2013 and have been delayed for more than 4-5 years from their promised delivery timeline. The court receiver will be assisted by NBCC, which took the construction contracts for these projects after a Supreme Court order. The SWAMIH funding will expedite the progress of the 6 selected projects.