SWAMIH Fund Sanctions ₹115 Crore to Revive Antriksh Valley in Greater Noida West

• ₹115 crore sanctioned for stalled housing project in Sector 1

• 316 flats and 15 commercial units to be completed

• SBI Capital to monitor construction and fund utilization

Greater Noida West: SWAMIH Fund has approved ₹115 crore in last-mile funding to complete the long-stalled Antriksh Valley housing project in Sector 1, Greater Noida West.

The project, spread across a three-side open 10,020 square metre land parcel, includes 316 residential units and 15 commercial spaces. Officials said the infusion of funds will accelerate construction and help ensure timely delivery of homes that have been delayed for several years.

The development is currently being executed by Diligent Builders Pvt. Ltd, which took over the project’s management in 2023–24 as part of a revival plan. As per the funding structure, SBI Capital has been appointed to oversee and monitor the project’s execution, ensuring that the sanctioned amount is used strictly for completion purposes.

According to Lt. Col. Ashwani Nagpal (Retd.), COO of Diligent Builders, Tower A is nearing completion. The newly approved funds will support the finishing of common amenities and the construction of the second tower, which has been redesigned to offer modern 3- and 4-BHK apartments in line with current market demand.

Before seeking fresh capital, the new management undertook multiple corrective steps to stabilise the project. These included:

• Clearing approximately ₹45 crore in land dues to the Greater Noida Authority

• Settling around ₹5.5 crore in RERA-related penalties

• Resolving exit requests of nearly 60 homebuyers involving dues of about ₹15 crore

• Securing a revised sanctioned building plan after paying 25% of land dues, as recommended by the Amitabh Kant Committee

• Obtaining an extension from RERA

Construction resumed following these measures, but additional funding was required to fast-track the remaining work and complete the project within a defined timeline.

Originally launched in 2011–12, Antriksh Valley was expected to be delivered between 2016 and 2018. However, it faced prolonged delays due to weak sales, financial stress, fund management issues, demonetization, the COVID-19 pandemic, and mounting refund claims from early buyers.

The SWAMIH Fund’s intervention is seen as a crucial step toward restoring buyer confidence in Greater Noida West’s residential market, which has witnessed multiple stalled projects over the past decade.

What is the SWAMIH Fund?

The Special Window for Affordable & Mid-Income Housing (SWAMIH) Fund is a government-backed investment platform created to provide last-mile funding to stalled residential projects across India. It focuses primarily on affordable and mid-income housing developments that are RERA-registered but facing financial stress.

Managed by SBI Ventures Limited, a subsidiary of the State Bank of India, the fund operates as a social impact investment vehicle. It provides priority debt financing to distressed and brownfield housing projects, including those impacted by legal issues, non-performing assets (NPAs), or weak developer balance sheets.

The fund has raised a total corpus of ₹15,531 crore, with contributions from the central government, PSU banks, and LIC.

As per earlier official data, the SWAMIH Fund has helped complete over 61,000 homes and is expected to deliver more than 1 lakh homes overall—bringing relief to lakhs of middle-class families who were burdened with paying both EMIs and rent due to prolonged project delays.

For homebuyers in Antriksh Valley, the latest funding approval marks a long-awaited breakthrough and signals renewed momentum toward possession.

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