Debt-laden Ansal Housing on Monday said it will receive Rs 89 crore in tranches from government-backed stress fund SWAMIH to complete its delayed housing project in Gurugram.
Ansal Housing is expediting the execution of the ”Ansals Highland Park” project, launched way back in 2013, in Gurugram, Haryana after getting a financial infusion under the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund.
It plans to deliver all the 680 units by November 2022.
“The total financial assistance under the SWAMIH fund for the project will be Rs 89 crore, which will be in phases. Rs 20 crore released in the first phase and the rest of the money will be released in quarterly tranches of Rs 15-20 crore each,” said Kushagr Ansal, Director, Ansal Housing.
The structure of the project has been completed already and the company has also received the no-objection certificate (NOC) from the Highland Park Buyers Association to complete the project.
The project is located in Sector 103 near Dwarka Expressway in Gurugram.
“The project is net worth positive and over 60 per cent complete. Now with the critical monetary infusion, we are beefing up the team for the execution of the project and laying a definitive plan to deliver all the units by November 2022,” he said.
Ansal Housing said the construction of the project was going on smoothly and at a steady pace.
“However, due to unforeseen and unavoidable circumstances, there were deviations from the original plan laid out for the completion of the project. The circumstances caused considerable delays,” it added.
In 2019, the Centre had announced a Rs 25,000 crore stress fund — SWAMIH — to complete stalled housing projects.
SWAMIH fund is managed by SBICap Ventures Ltd. The Department of Economic Affairs under the Ministry of Finance administers the scheme.