Real estate developer Panchsheel Group gets Rs 249 cr from Centre's stress fund to complete housing project in Greater Noida

Real estate developer Panchsheel Group has received Rs 249 crore from the Centre's stress fund to complete a group housing project in Greater Noida, where flats of around 1,300 buyers are stuck.

Panchsheel Greens II is the second project in Greater Noida which has got financial assistance from the stress fund. Earlier, Rs 165 crore was sanctioned to the Capital Athena project, Greater Noida Industrial Development Authority (GNIDA) said.

Three more group housing projects in the region have applied for the benefit and are expected to soon get assistance from the stress fund to complete their stuck work, it said in a statement.

Around 1,300 home buyers whose delivery of flats has got delayed are set to benefit as Panchsheel Greens project has got assistance from the stress fund created by the central government. The Panchsheel Greens in Greater Noida (West) has got an approval of Rs 249 crore from SBI Cap.

"Its first instalment has also been released, due to which the Greater Noida Authority has got Rs 37 crore of its dues also," the statement said.

The developer owed Rs 135 crore to GNIDA, which were to be paid in four instalments. The first instalment of it has come in the form of Rs 37 crore, it added.

GNIDA is making efforts in many ways to provide flat buyers with their homes, it said, adding that with Panchsheel Greens getting government assistance, the builder will be able to complete the unfinished project.

GNIDA CEO Narendra Bhooshan said stress funds are released only to the projects that can be completed.

"The SBI CAP releases stress funds only to those projects which are in a ready condition. SBI CAP releases the funds only after thorough scrutiny," he said, adding more developers should come forward to complete their projects and GNIDA will co-operate with them.

"The Greater Noida Authority will continue its efforts to get buyers the possession of their flats. With the completion of these two projects (Panchsheel Greens and Capital Athena), the dream of about 2,200 flat buyers will be fulfilled," he noted.