NEW DELHI: The SWAMIH Investment Fund I, supported by the government, has approved an investment of up to ₹115 crore for the completion of the stalled residential project Antriksh Valley (now known as The Valley) in Greater Noida West’s sector 1.
As per the sanction letter, the fund’s investment committee has granted final approval for an investment of up to ₹95 crore, with an additional ₹20 crore contingent upon further internal approvals and project progress review. This investment will be made through non-convertible debentures (NCDs) issued by Diligent Builders, the project developer.
The funds will be strictly used for project completion and cannot be allocated for repaying existing secured or unsecured loans, or promoter/group debts.
The residential project covers approximately 10,000 square meters in Greater Noida and has a total saleable area of 582,773 square feet, consisting of 316 housing units, as well as 15 commercial units. The funding is intended to facilitate the completion of a second residential tower, redesigned to feature 3 and 4 BHK apartments, along with shared amenities and related development tasks.
Originally launched in 2011-12, the project was expected to be completed between 2016 and 2018, but encountered delays due to low sales, financial constraints, demonetization, and the pandemic.
The new management started revival efforts in 2023-24, settling approximately ₹45 crore in land dues to the Greater Noida Authority, addressing around ₹5.5 crore in RERA-related penalties, and resolving exit claims from roughly 60 homebuyers amounting to about ₹15 crore. Construction has resumed after obtaining regulatory approvals, including map sanctions and RERA extensions, before the developer sought additional funding to expedite completion.
According to the terms, the NCDs will have a maximum tenure of up to 39 months from the date of allocation and will be redeemed at the issue price along with a guaranteed return of 12% internal rate of return (IRR), payable from project cash flows, including receivables from sold and unsold units. Full repayment is set for the end of the term.
The investment is secured by multiple layers, including a first-ranking mortgage on the project land, development rights, and future floor space index (FSI), as well as a first-ranking hypothecation of receivables and project assets. Furthermore, the fund will hold a pledge of 100% equity shares of Diligent Builders, supplemented by personal guarantees from promoters and a corporate guarantee from Technovation Teleservices. Charges will be registered with the Registrar of Companies and CERSAI.
SBI Capital Markets will oversee the project execution in accordance with SWAMIH’s standard operating procedures.
This funding represents another intervention by the SWAMIH Fund, established to offer last-mile financing for stalled affordable and mid-income housing projects, aiming to facilitate project completion and restore homebuyer confidence.
