Sikka Group

Sikka Group raises Money from NBFC to Complete Stalled Projects in Noida

News

In a recent development, NCR based real estate developer Sikka Group has raised Rs 130 crores from a leading non-banking finance company (NBFC) to complete their stalled residential projects in Noida. The information has been provided by company sources after a recently held meeting.

According to the sources, Sikka will use this money to complete their stalled project Sikka Kaamna Greens, located in Noida sector-143 A, near Noida-greater Noida Expressway. The sources also said that around 80% of the work on the project has already been completed and to finalise the rest of the 20%, the loan has been taken by the NBFC.

An NBFC is an RBI registered Alternative Investment Fund (AIF) which in today’s time, are playing a major role in providing loans to the debt-ridden real estate firms to complete their stuck residential projects. However, the lending norms are strict due to the increasing number of insolvency cases.

Comprising of 13 towers and 1850 units, Sikka Kaamna Greens is RERA certified project and is offering 3 and 4 BHK residential units. The group has assured homebuyers to deliver about 750 units by the end of this year and the remaining by December next year.

Giving more information of the loan taken, Sikka group MD Harvinder Singh Sikka said, “At present, we are focusing on giving possession to the homebuyers. This is the reason we have taken a debt of Rs 130 crore to complete the construction of Sikka kaamna Greens at a fast pace.”

Established three decades ago, Sikka Group has completed various real estate projects in and around different cities of Delhi NCR. The group is also operating hotels in Gurgaon and Delhi.