Noida: Developer Real Estate Group Panchsheel has received Rs 249 Crore from stress center funds to complete a group housing project in Greater Noida, where the flats of around 1,300 buyers are trapped.
Panchsheel Greens II is the second project in Greater Noida which has financial assistance from stress funds.
Previously, RS 165 Crore was subject to sanctions on the Athens capital project, the Noida Industrial Development Authority (Gnida).
Three more group housing projects in the region have submitted a request and are expected to immediately get assistance from stress funds to complete their trapped work, he said in a statement.
“About 1,300 home buyers whose flat delivery has been postponed will benefit because the Panchsheel Green project has received assistance from stress funds made by the central government.
Panchsheel Greens in Greater Noida (West) has received approval of Rs 249 Crore.
From SBI Cap.” Installments The first has also been released, because the larger Noida Authority has received Rs 37 Crore from its contributions too, “said the statement.
The developer owed Rs 135 Crore to Gnida, which must be paid in four installments.
The first installment has come in the form of Rs 37 Crore , he added.
Gnida made efforts in many ways to provide flat buyers with their homes, he said, adding that with Panchsheel Greens got government assistance, his builder.
Will be able to complete an unfinished project.
CEO Gnida Narendra Bhoooshan said stress funds were released only for projects projects that can be completed.
“SBI tap releases stress funds only for projects ready oak.
The SBI hat releases funds only after overall supervision, “he said, adding more developers to advance to complete their project and Gnida will work with them.” The larger Noida Authority will continue its efforts to get their flats ownership buyers.
.
With the completion of the two projects (Panchsheel Greens and Capital Athens), dreams about around 2,200 flat buyers will be fulfilled, “he said.