Government-sponsored SWAMIH fund achieves completion of Panchsheel Greens 2 in Greater Noida

Government-sponsored SWAMIH fund has achieved completion of the second phase of housing project Panchsheel Greens 2 in Greater Noida, near here, and keys have been handed over to homebuyers, the Finance Ministry said on Monday.

Within eight months of project receiving SWAMIH funding, Phase 2 launched in 2012 of Panchsheel Greens 2 with 760 units across four towers and villas have been delivered.

The project was stressed due to paucity of cash flows and funding commitment by the government's SWAMIH fund has resulted in the project's revival, providing relief to over 750 distressed families of homebuyers and direct employment to more than 600 labourers, the ministry said.

The SWAMIH fund has already completed over 4,000 homes in the last 12 months. It is currently on track to complete at least 10,000 homes every year in the next 3 to 4 years.