NCR Housing Projects Receive Revival through SWAMIH Fund and Co-Developer Policy

Noida and Greater Noida Homebuyers Finally See Hope as Stalled Housing Projects Revive

Thousands of homebuyers in Noida and Greater Noida who have been waiting for years for their delayed projects to complete are now seeing some hope as a combination of government policy moves, institutional funding, and private investment revive several stalled housing projects. Moneycontrol has found that initiatives such as the SWAMIH Fund, the Amitabh Kant committee settlement framework, reverse insolvency process, and policy measures including the co-developers' policy are helping to revive these projects.

SWAMIH Fund Leads the Way

A key driver of the revival has been the Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund, launched in 2019 to provide last-mile financing to stressed but viable housing projects. The Rs 25,000-crore fund has helped complete around 61,000 housing units across 145 projects nationwide, according to government data.

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In Greater Noida West, projects such as Capital Athena, Panchsheel Greens, KVD Wind Park, NCR Monarch, and Noveena Greens are either complete or nearing completion with support from the SWAMIH fund. For example, Rearco, the company that has resumed construction at the stalled KVD Wind Park project, secured Rs 195.5 crore in SWAMIH funding after steering the project out of insolvency proceedings.

Amitabh Kant Framework and Co-Developers' Policy

In December 2023, the Uttar Pradesh government issued an order, based on recommendations by the Amitabh Kant committee, allowing developers of stressed projects to settle dues with regulatory authorities and collaborate with other developers for project revival. Under this framework, the Paramount Group cleared over Rs 106 crore in dues to Noida and Greater Noida authorities for projects, including Paramount Floraville and Paramount Emotions. This settlement paved the way for the registration of over 3,200 apartments.

Insolvency and New Revival Models Gain Traction

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Market observers say insolvency-led resolutions are also helping restart delayed developments. Several projects linked to developers such as Jaypee Group and RG Group are being revived under insolvency professionals and revised execution frameworks. For example, RG Group's Director, Himanshu Garg, said that construction and possession processes at RG Luxury Homes in Greater Noida West are progressing under a reverse insolvency framework monitored by an insolvency resolution professional.

Private Institutional Capital

Alternative investment funds and institutional investors are increasingly backing incomplete but commercially viable projects. SGRE Fund, an AIF, has invested around Rs 125 crore in NCR projects, while Renox Group has brought Renox Thrive on a land bank of a decade-old, stalled project by acquiring Nivas Promoters and clearing all liabilities to authorities, banks, and allottees.