Out of the 27 projects of Amrapali group. SWAMIH has funded 6 projects with total saleable area 92,71,000 sqft.
National Building Construction Corporation (NBCC) is the project management company for this project.
The projects are spread across Noida and Greater Noida
Amrapali Group went into financial distress around 2016-2017. Owing to the large number of affected home buyers, the Hon’ble Supreme Court of India took suo-moto cognizance of the matter and initiated proceedings in 2019.
A committee was formed under the leadership of Mr. Venkatramani who was also appointed as the Court Receiver for all the assets and projects of Amrapali.
The Supreme Court also appointed National Building Construction Corporation (NBCC) to complete the construction of the stalled projects.
The initial seeding for the construction cost was done through liquidating some of the seized assets of the erstwhile promoters.
Subsequently the Court Receiver approached the SWAMIH Fund to fund all the projects taken over by him to meet the construction expenses in May 2020.
6 projects were finally approved by the Court Committee to receive SWAMIH funding.
SWAMIH Fund invested in August 2021 with a target to complete the 6 projects.
SWAMIH Fund has committed INR 650 Cr towards the project completion at 12% XIRR.