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The government-backed SWAMIH Investment Fund has approved up to INR 115 crore as last-mile funding for the stalled Antriksh Valley residential and commercial project in Greater Noida West. The capital will be infused through non-convertible debentures and used strictly for construction and project completion. The development, launched over a decade ago, had been delayed due to financial stress, weak sales, demonetisation and the pandemic. With new management clearing dues and regulatory penalties, the funding is expected to restart construction and help deliver homes to affected buyers.
The SWAMIH Investment Fund has sanctioned up to INR 115 crore for the completion of the stalled Antriksh Valley project located in Sector 1, Greater Noida West. The approval includes an immediate commitment of around INR 95 crore, while an additional INR 20 crore will be released subject to internal approvals and progress monitoring. Advertisement
The funding will be structured through non-convertible debentures issued by the developer, Diligent Builders. The amount will be used only for construction and development-related activities. It will not be diverted towards repayment of existing secured or unsecured loans, nor towards promoter liabilities. SBI Capital Markets has been appointed to monitor the project's execution and oversee fund utilisation to ensure compliance with the sanctioned terms.
Antriksh Valley was launched more than a decade ago and was originally expected to be delivered in the mid-2010s. However, the project faced prolonged delays due to slow sales, shortage of working capital, the impact of demonetisation, and later the COVID-19 pandemic. Construction activity remained largely stalled for several years, leaving buyers waiting for possession.
A change in management during 2023-24 marked a revival attempt. The new management cleared approximately INR 45 crore in outstanding land dues payable to the Greater Noida Authority. It also settled around INR 5.5 crore in penalties imposed by the Uttar Pradesh Real Estate Regulatory Authority (UP RERA). In addition, exit claims of nearly 60 homebuyers amounting to about INR 15 crore were addressed before the developer sought fresh funding support.
The project is spread across nearly 10,000 square metres of land and has a total saleable area of about 5.82 lakh square feet. It comprises 316 residential units along with 15 commercial units. One tower is nearing completion, while the second tower is planned to be redesigned to include three- and four-bedroom apartments in line with current market demand. The approved funds will also support completion of common amenities and related infrastructure within the complex.
The debentures will have a tenure of up to 39 months. The repayment structure provides for return of principal along with a committed internal rate of return of 12 percent, payable at maturity from project cash flows. The investment is backed by strong security cover, including a first-ranking mortgage on the project land and development rights, hypothecation over receivables and movable assets, pledge of 100 percent promoter shareholding, and corporate guarantees.
The SWAMIH Fund, set up by the Government of India in 2019, was created to provide last-mile funding for stalled, RERA-registered affordable and mid-income housing projects that are net worth positive. Over the past few years, the fund has supported completion of several delayed projects across different cities, aiming to protect homebuyer interests and unlock stuck housing supply.
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