Sikka group raises Rs 130 cr from NBFC to complete Noida housing

first_imgNew Delhi: Realty firm Sikka group has raised Rs 130 crore from a non-banking finance company (NBFC) to complete its ongoing housing project in Noida, a top company official said Thursday. NBFCs have been a major source of funding in the last few years for cash-starved real estate firms, which are facing huge demand slowdown. Of late, even NBFCs have restricted lending to this sector because of liquidity crisis post default by IL&FS. Also Read – Maruti cuts production for 8th straight month in SepThe company said the NBFC is a Reserve Bank of India registered Alternative Investment Fund (AIF) but did not disclose the name. The Delhi-based Sikka group said that the fund has been raised in the form of debt and the same will be utilised to complete its housing project Sikka Kaamna Greens, comprising 13 towers and 1850 units, in Noida, Uttar Pradesh. The project is about 80 per cent complete and the company needed some last mile funding to fully execute the project. It will deliver about 750 units by December this year and the remaining by end of the next year. Also Read – Ensure strict implementation on ban of import of e-cigarettes: revenue to Customs “We are committed to deliver all our projects to home buyers and are taking every possible step to make things work. The Rs 130 crore fund that we have raised will be utilised to pace up the construction at Sikka Kaamna Greens being developed in Noida,” Sikka group MD Harvinder Singh Sikka said. He said the company is completely focusing on giving possessions. Sikka group has so far developed 3 million sq ft housing and commercial projects, mostly in the national capital region. At present, the group has 10 ongoing residential and commercial projects in North India. Under hospitality, the group has hotels in Gurugram and New Delhi. It plans to open more hotels in Bareilly, Dehradun, and Muzaffarnagar.last_img read more

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Homelessness serious threat to refugees in Poland Bulgaria and Slovakia – UN

Where is my home?, a collection of three studies on housing issues and homelessness among refugees and asylum-seekers in the three countries, is part of a regional initiative by UNHCR in central Europe and is based on research conducted in 2012.The study found that up to 10 per cent of people receiving international protection in Poland are “living in extreme homelessness” – without a roof over their head. Between 30 and 40 per cent are categorized as “living in housing exclusion” – sheltered, but without permanent accommodation. Only 20 per cent of Poland’s asylum-seekers and refugees are living in “secure and adequate” housing conditions.“The refugee housing crisis in Poland is caused by shortcomings in the integration process and policies that limit the ability of asylum-seekers to find jobs,” Adrian Edwards, a spokesperson for the agency, told reporters in Geneva. The report recommends that refugees in Poland be given greater financial assistance during integration, that they be assisted in finding their first home, and that the State increase the availability of temporary accommodation for refugees who are in the process of integrating, also known as “bridge housing.”In Bulgaria, researchers identified homelessness as a threat at every stage of the asylum process, Mr. Edwards noted. “In addition to discovering homelessness among newly arrived asylum-seekers, researchers found at least one example of a fully integrated refugee who was destitute and living on the street.”A major cause of homelessness in Bulgaria is due to the policy of prolonged detention, says the report. In order to be released, many asylum-seekers falsely declare that they have accommodation elsewhere, but are unaware that these declarations make them ineligible for further State protection.The report on Bulgaria called the country’s refugee integration measures “insufficient in their scope and duration.” Among its 20 recommendations, the report suggests that Bulgarian municipalities become partners in refugee integration to increase the availability of housing and that the country reform its integration process.Researchers in Slovakia found that the country’s official integration centre, a 10-flat complex situated in the city of Zvolen, was empty at the time of the study and had not been occupied by asylum-seekers since 2011. Similarly, nine low-rent apartments in Bratislava earmarked for refugee accommodation were unavailable for occupancy at the time of the study.In 2011, 491 foreigners applied for asylum in Slovakia. Only 12 asylum applications were granted and 91 people were given subsidiary protection. Seven refugees achieved Slovak citizenship. This record improved in 2012, according to the Slovak Ministry of Interior, with 32 foreigners given asylum out of 732 applications, and subsidiary protection granted to 104 people. No refugees were granted citizenship in 2012.The studies were conducted as part of UNHCR’s mandate to promote refugee integration in host countries, and to monitor integration issues such as housing, employment, education and public attitudes towards foreigners and asylum-seekers. Similar research is under way in Romania, Slovenia, Hungary and the Czech Republic. read more

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