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TL;DR: SWAMIH Fund approved up to ₹115 crore via NCDs to finish Antriksh Valley (The Valley) in Greater Noida West, backed by strong securities and a 12% IRR. Construction restarts after dues and claims were cleared; completion expected within the NCD tenor of up to 39 months.
SWAMIH Investment Fund I has approved up to ₹115 crore to revive the stalled Antriksh Valley project (now branded as The Valley) in Greater Noida West. This intervention aims to accelerate completion of residential towers, shore up project-level security, and restore buyer confidence in a development delayed since its original 2016–18 timeline.
Funding structure and safeguards
The sanction approves a primary investment of up to ₹95 crore with an additional ₹20 crore contingent on progress reviews and internal approvals. The investment will be made via subscription to non-convertible debentures (NCDs) issued by Diligent Builders. Key features of the deal include a tenure of up to 39 months from first allotment and a committed return of 12% internal rate of return (IRR), payable from project cash flows. The fund has stipulated that proceeds must be used exclusively for completion work and cannot be diverted to repay existing secured or unsecured lender liabilities or promoter/group loans.
Security and monitoring
To protect investors and homebuyers, the financing is backed by multiple layers of security: a first-ranking mortgage on project land, development rights and future FSI, first-ranking hypothecation over receivables and project assets, a pledge of 100% equity shares of Diligent Builders, promoter personal guarantees and a corporate guarantee from Technovation Teleservices. Charges will be registered with the Registrar of Companies and CERSAI, while an independent monitor (SBI Capital Markets) will ensure execution aligns with SWAMIH’s standard operating procedures.
Project snapshot: The Valley, Greater Noida West
The project sits on roughly 10,000 sq metres of land with a total saleable area of about 5,82,773 sq ft, comprising 316 housing units and 15 commercial units. The fresh capital injection is expected to complete the second residential tower, which has been redesigned to offer 3- and 4-BHK configurations with upgraded common amenities and landscaping. Construction has already resumed after the new management secured regulatory approvals including map sanction and RERA extension.
How the revival unfolded
The project, originally launched in 2011–12, stalled after weak sales, funding gaps, demonetisation and the pandemic delayed completion. New management took over revival efforts in 2023–24: clearing about ₹45 crore in land dues to the Greater Noida Authority, resolving roughly ₹5.5 crore in RERA penalties and settling exit claims for around 60 homebuyers amounting to approximately ₹15 crore. Those steps unlocked regulatory processes and allowed construction to recommence before the SWAMIH capital infusion was sought to accelerate delivery.
What this means for homebuyers and the market
For existing buyers, the SWAMIH approval signals a credible pathway to completion backed by legal charge and escrow-like protections tied to project cash flows. The 12% IRR on NCDs and clearly defined tenor create a predictable repayment schedule, while first-ranking securities reduce refinancing risk. For the Greater Noida West market, this kind of last-mile financing can restore faith in stalled developments and reduce inventory overhang as completed units return to the market.
Broader investment and neighbourhood context
Greater Noida West continues to attract attention for mid-income housing and mixed-use development. Adjacent retail and office projects are expanding options for residents and investors — for example, opportunities in nearby commercial pockets include Nirala Gateway in Noida Extension – retail, studio and office spaces and larger-format hubs such as Sikka Mall of Noida – retail, office and food court spaces on Noida Expressway. Improved connectivity plans are also a tailwind for demand — see coverage on the Delhi Metro Expansion: luxury property hotspots that will increasingly link peripheral micro-markets to the city.
Timeline and expectations
With a maximum NCD tenor of 39 months, stakeholders can reasonably expect major project milestones to be achieved within the next three years, subject to construction pace and sales inflows. The funding is structured to prioritize completion activities and monetisation of both sold and unsold inventory, enabling repayment at 100% of issue price plus the committed return by the end of the tenor.
Why SWAMIH interventions matter
The SWAMIH Fund was set up specifically to provide last-mile financing to stalled affordable and mid-income housing projects. By deploying structured capital with legal and operational oversight, such interventions help protect homebuyers, stabilise developer cash flows and reduce systemic stress in the residential segment. The Antriksh Valley (The Valley) case underscores how targeted capital plus governance measures can revive long-stalled projects and deliver homes to waiting buyers.
Investor and buyer checklist
- Verify the updated RERA registration and map sanctions before booking or taking possession.
- Confirm security structures (mortgage, hypothecation, equity pledge) are registered and visible in public records.
- Track construction milestones and monitor cashflow management to ensure NCD covenants are being respected.
- Consider surrounding retail and office amenities — proximity to retail hubs and transit links boosts long-term value.
SWAMIH’s sanction for The Valley is a notable example of last-mile financing unlocking stalled inventory and offering a viable template for restoring confidence across other delayed projects. Homebuyers and investors should stay informed about progress, documentation and timelines as the project moves toward completion.
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