Housing project in Greater Noida : Nearly 1,300 homebuyers of Panchsheel Hynish

Nearly 1,300 homebuyers of Panchsheel Hynish - a housing project at Sector 1 in Greater Noida West -- can now heave a sigh of relief as the delayed project has received a fund of ₹249 crore under a central government scheme, officials of Greater Noida authority said on Sunday.

The fund has been sanctioned by SBI Capital under the special window for affordable and mid-income housing (SWAMIH) project scheme. The housing units in the project were supposed to be delivered in December 2018.

Panchsheel Hynish is the second project in Greater Noida that has got the funding under the central scheme. In November 2020, Capital Athena -- another project in Greater Noida West -- had got ₹165 crore under the scheme to deliver 900 units by 2022.

Housing project in Greater Noida

“We are trying that eligible developers get the last mile funding so that they can deliver the housing units at the earliest. Around 2,200 homebuyers will benefit from the scheme,” said Narendra Bhooshan, chief executive officer of the Greater Noida authority.

Out of ₹249 crore, the authority will get ₹37 crore against the group housing land that was allotted to the Hynish project and the remaining fund will be spent on construction and delivery of the projects, the officials said.

“Three new housing projects will soon get the last mile funding under this scheme. We will try for other projects too,” said Bhooshan.

Officials of Panchsheel Group said that they will be able to deliver the 1,300 units by the end of next year.

“We have got the fund and already started the work at the ground so that we can deliver the project by 2022-end,” said an official of Panchsheel Group, seeking anonymity.

In December 2019, several developers from Greater Noida had applied for last mile funding under the central scheme announced by the ministry of finance in that year.

According to the ministry of finance, the stress fund is to be given to stuck housing projects, which fulfil certain conditions such as a project should be registered with RERA, affordable or middle income category project, project has to be financially viable, project in final phase of completion, housing unit’s carpet area should not be more than 200 square metres, among others.

Source: https://www.hindustantimes.com/cities/others/housing-project-in-greater-noida-west-gets-249-crore-fund-under-central-scheme-101633287905281.html

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