About 1,300 homebuyers in Panchsheel Greens 2 can now heave a sigh of relief, as the Centre has released the second tranche of Rs 39.42 crore from its stress fund to complete the stalled project in Sector 16 of Greater Noida (west)
Set up in 2019 with a purse of Rs 20,000 crore, the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund is intended at helping complete stalled projects to provide relief to homebuyers.
Out of the total of Rs 249 crore approved for Panchsheel Greens 2, a housing project by Panchsheel Buildtech, the stress fund is being released in four installments. The first tranche of about Rs 34 crore was released in September last year
“Panchsheel Buildtech was unable to complete its project due to paucity of funds. In this, about 1,300 flat buyers have put in their hard-earned money,” said Santosh Kumar, OSD (builder cell) GNIDA.
Greater Noida CEO Narendra Bhooshan said, “More builders should come forward to avail the benefit of this scheme. With the help of this fund, they can take the initiative to complete their projects and clear the dues of the Authority. ” Earlier, the Capital Athena project in Sector 1 Greater Noida (west) with 900 units received about Rs 165 crore.
