SWAMIH Fund Commits Rs 115 Crore to Complete Long-Delayed Antriksh Valley Project in Greater Noida
In a significant boost for stalled real estate developments, the SWAMIH Fund has approved an infusion of Rs 115 crore to complete Diligent Builders' Antriksh Valley project located in Sector 1 of Greater Noida West. This substantial financial injection is earmarked specifically for finishing the remaining tower of the residential complex, which features three and four-BHK apartments, along with developing comprehensive common amenities.
Project Details and Historical Context
Originally launched in 2011-12, the Antriksh Valley project spans a 10,020 square meter plot and was designed to include 316 residential units alongside 15 commercial spaces. The initial completion target was set for 2018, but the project encountered multiple setbacks that led to significant delays. Market fluctuations, weak sales performance, fund management challenges, the demonetization initiative, and the subsequent COVID-19 pandemic all contributed to the project's stagnation over the years.
The project has now been revived under new management since 2023-24, with a renewed completion deadline established for December 2027. SBI Capital Markets Limited has been appointed to monitor the execution process and ensure proper fund utilization throughout the construction phase.
Financial Structure and Implementation Strategy
The Rs 115 crore corpus will be deployed through a structured financial approach. Officials have confirmed that Rs 95 crore will be invested initially, with the remaining Rs 20 crore to be infused through secured non-convertible debentures (NCDs). To maintain financial discipline and guarantee timely project delivery, all funds will be released exclusively through an escrow account mechanism.
Lt Col Ashwani Nagpal (retd), Chief Operating Officer of Diligent Builders, expressed optimism about the funding arrangement. "The SWAMIH funding represents a crucial turning point that will help restore confidence among homebuyers who have waited patiently for completion," he stated. Nagpal further clarified that Tower A of the project is nearing completion, while the common amenities and the second tower will be finished using the newly approved funds.
Recent Revival Efforts and Regulatory Compliance
Before securing the SWAMIH funding, the developer undertook substantial efforts to revive the project and address outstanding obligations. These measures included:
- Clearing approximately Rs 45 crore in land dues owed to the Greater Noida Authority
- Settling Rs 5.5 crore in penalties imposed by the Real Estate Regulatory Authority (RERA)
- Resolving exit claims for nearly 60 homebuyers totaling about Rs 15 crore
The developer also obtained a revised project map sanction from the Authority after paying 25% of the land dues as part of the Uttar Pradesh government's rehabilitation policy for stalled projects. Following this compliance, the project received an official extension from the real estate regulator, paving the way for construction resumption.
Investment Safeguards and Future Expansion Plans
The SWAMIH Fund's investment carries a committed return of 12% internal rate of return (IRR) and is protected by multiple safeguards. These include a mortgage on the project land, a charge on receivables, a pledge of 100% equity shares of the developer, and personal guarantees from the promoters. Additionally, the fund retains step-in rights in case of any default scenario, providing further security for the investment.
Beyond the Antriksh Valley project, Diligent Builders has announced plans to revive two additional stalled developments—one located in Ghaziabad and another in Mathura (Vrindavan). This indicates a broader strategy to address multiple delayed projects across the National Capital Region using similar revival mechanisms.
The completion of Antriksh Valley will deliver much-needed residential inventory to the Greater Noida market, featuring double-basement parking facilities, a clubhouse, a fully equipped gymnasium, and meticulously landscaped green areas for residents' enjoyment.
