GNIDA to provide stress fund of 249 cr. to Panchsheel Group for completing their projects

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

To complete a group housing project in Greater Noida the Panchsheel Group has received the Centre’s stress fund of 249 crores where around 1300 flats of buyers are stuck due to non-completion.

GNIDA (Greater Noida Industrial Development Authority) said that for the first time the Capital Athena project was sanctioned with 165 crores of stress Fund and Panchsheel Greens II in Greater Noida is the second project to receive financial assistance from the stress Fund.

In a statement, it was revealed that to finalize their incomplete work three more group housing projects in the area have applied to gain the benefits, and, they will soon receive benefits from the centre’s stress fund.

Also, the statement stated that “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 stressed fund created by the central government. The Panchsheel Greens in Greater Noida (West) has got an approval of Rs 249 crore from SBI Cap.

The developer owed Rs 135 crore to GNIDA, which was to be paid in four instalments. The first instalment of it has come in the form of Rs 37 crore, it added.  “Its first instalment has also been released, due to which the Greater Noida Authority has got Rs 37 crore of its dues also. “It added.

To provide flat buyers with their homes, GNIDA is making good efforts in several ways. GNIDA said that by getting government assistance the unfinished projects by the builders can be finished in time.

Narendra Bhoosan, GNIDA CEO said that projects that can be completed will only be benefited from a stress fund. “The SBICAP releases stress funds only to those projects which are in a ready condition. SBICAP releases the funds only after thorough scrutiny,” further adding he said GNIDA will cooperate with all the developers who come forward to complete their projects.

He noted “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.”