Panchsheel Group Gets Rs 249 Cr from SBICap for Greater Noida Project

Real estate developer Panchsheel Group has received Rs 249 crore from the Centre's stress fund to complete a group housing project in Greater Noida, where flats of around 1,300 buyers are stuck. Panchsheel Greens II is the second project in Greater Noida which has got financial assistance from the stress fund. Earlier, Rs 165 crore was sanctioned to the Capital Athena project, Greater Noida Industrial Development Authority (GNIDA) said. Three more group housing projects in the region have applied for the benefit and are expected to soon get assistance from the stress fund to complete their stuck pending work, a statement said. “Around 1,300 home buyers whose flats have been delayed in delivery are set to benefit” as Panchsheel Greens Project The stress fund created by the central government. The Panchsheel Greens in Greater Noida (West) gets an approval of Rs 249 crore SBI Cap. Its first installment has also been released, due to which the Greater Noida Authority has also got Rs 37 crore of its dues, the statement said. The developer owed Rs 135 crore to GNIDA, which was to be paid in four instalments. Its first installment has come as Rs 37 crore.  GNIDA is making efforts in various ways to provide flat buyers their homes, he said adding that with the government assistance to Panchsheel Greens, the builder would be able to complete the unfinished projects. GNIDA CEO Narendra Bhushan said that the stress fund is released only for those projects which can be completed. “SBI CAP releases stress funds only for those projects which are in ready condition. SBI CAP releases the funds only after thorough scrutiny,” he said, to encourage more developers to complete their projects. Must come forward and GNIDA will cooperate with them. . “The Greater Noida Authority will continue its efforts to get the buyers possession of their flats. With the completion of these two projects (Panchsheel Greens and Capital Athena), the dream of around 2,200 flat buyers will be fulfilled,” he said.