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Sikka Group gets 200cr relief funding from SWAMIH

#Taxation & Finance News
Last Updated : 30th Nov, 2022
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Synopsis

Sikka Group has received last mile funding from the Special Window for Affordable and Mid-income Housing Fund (SWAMIH) amounting to approximately Rs 200 crores. Sikka Kimaya Greens situated in Greater Nodia was launched in 2014 and scheduled for completion in 2020. Due to the Covid pandemic and other financial constraints the project was stalled midway. Over 1,000 individuals had invested in the project to date. Having received financial assistance, the developers now aim to complete and deliver the project within eighteen months.

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Sikka Group, the entity behind the stalled Sikka Kimaya Greens in Greater Noida, has received last mile funding from the Special Window for Affordable and Mid-income Housing Fund (SWAMIH) amounting to approximately Rs 200 crores. The project was touted to be a green building, was launched in 2014 and scheduled for completion in 2020. Over 1,000 individuals have invested in the project to date. Due to the Covid pandemic and other financial constraints the project was stalled midway. The project was being developed via the Joint Development Agreement (JDA) between NCR based Sikka Group and a local landowner. Having received financial assistance, the developers now aim to complete and deliver the project within eighteen months.




In November 2019 the Central Government announced a Rs 25,000 crore special window fund (SWAMIH) to help complete over 1,500 stressed housing projects across the country. These stressed projects attributed to over 4,50,000 housing units that remained incomplete due to liquidity issues and other constraints by the developers who had undertaken the projects. The SWAMIH fund has provided financial assistance to over 30 stressed projects in NCR alone, with this project being the third in Greater Noida to receive funding.
Next (RBI reports 3.1% rise in India�s housing prices with Kolkata in the lead)

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