News: SWAMIH Fund approves about Rs 115 crore to finish stalled Antriksh Valley in Greater Noida West-27-02-2026
The SWAMIH (Special Window for Affordable & Mid-Income Housing) Fund has sanctioned about Rs 115 crore to complete the stalled Antriksh Valley project in Sector 1, Greater Noida West. The money is expected to help finish 316 residential and 15 commercial units on a three-side open land parcel of 10,020 sq m, the developer said. SBI Capital will monitor execution.
Diligent Builders Pvt. Ltd, the developer, took over the project under new management in 2023-24. Lt Col Ashwani Nagpal (Retd.), its COO, said the approval reassures buyers that completion and timely possession remain priorities. Tower A is almost done, and the new funds will pay for common amenities and a second tower, redesigned with 3 and 4 BHK homes.
During the revival in 2023-24, the new management cleared about Rs 45 crore of land dues to the Greater Noida Authority, settled RERA penalties of roughly Rs 5.5 crore, and resolved exit requests from about 60 buyers with dues of Rs 15 crore. It obtained a sanctioned map by paying 25 per cent of land dues as the Amitabh Kant Committee recommended, and secured a RERA extension. Construction resumed smoothly, but the developer needed more capital to speed up work.
The project was launched in 2011-12 and was due for completion between 2016 and 2018. Market swings, weak sales, fund management issues, demonetisation and the Covid-19 pandemic caused long delays, and refund demands from early buyers added to the strain.
The SWAMIH Fund is a government-backed vehicle created to complete stalled affordable and mid-income housing. It had completed over 61,000 homes by December 15, and is expected to deliver over 1 lakh homes, benefiting over 4 lakh people, the finance ministry said earlier. Managed by SBI Ventures Limited, it gives last-mile funding to distressed projects and has a corpus of Rs 15,531 crore, with participation from the central government, public sector banks and LIC.
