NEW DELHI: The government-backed SWAMIH Investment Fund I has approved an investment of up to ₹115 crore for the completion of a stalled residential project, Antriksh Valley (now branded as The Valley), in sector 1, Greater Noida West.
According to the sanction letter, the fund’s investment committee has granted final approval to invest up to ₹95 crore, along with an additional ₹20 crore subject to incremental internal approvals and review of project progress. The investment will be made through subscription to non-convertible debentures (NCDs) issued by Diligent Builders, the developer executing the project.
The proceeds are to be used exclusively for project completion and cannot be deployed towards repayment of any existing secured or unsecured lenders, or promoter/group loans.
The residential project spans around 10,000 sq metres of land in Greater Noida and has a total saleable area of 5,82,773 sq ft, comprising 316 housing units. It also includes 15 commercial units. The funding is expected to support completion of the second residential tower, which has been redesigned to offer 3 and 4 BHK apartments, along with common amenities and associated development work.
The project was originally launched in 2011–12 and was slated for completion between 2016 and 2018 but remained stalled due to a combination of weak sales, funding constraints, demonetisation and the pandemic.
The new management took over revival efforts in 2023–24, clearing about ₹45 crore in land dues to the Greater Noida Authority, resolving approximately ₹5.5 crore in RERA-related penalties, and settling exit claims of around 60 homebuyers involving dues of about ₹15 crore. Construction had resumed following regulatory approvals, including map sanction and RERA extension, before the developer sought additional capital to accelerate completion.
As per the termsheet, the NCDs will carry a tenure of up to 39 months from the date of first allotment and will be redeemed at the issue price along with a committed return of 12% internal rate of return (IRR), payable from project cash flows, including receivables from sold and unsold units. Repayment is scheduled at 100% by the end of the tenor.
The investment is backed by multiple layers of security, including a first-ranking mortgage charge on the project land, development rights and future floor space index (FSI), and a first-ranking hypothecation over receivables and project assets. The fund will also have a pledge over 100% equity shares of Diligent Builders, along with personal guarantees from promoters and a corporate guarantee from Technovation Teleservices. Charges are to be registered with the Registrar of Companies and CERSAI.
SBI Capital Markets will monitor execution of the project in line with SWAMIH’s standard operating procedures.
The funding marks another intervention by the SWAMIH Fund, which was set up to provide last-mile financing to stalled affordable and mid-income housing projects, aimed at enabling project completion and restoring homebuyer confidence.
