RG Luxury Homes: Over 600 Homebuyers to Get Their Flats
Over 600 homebuyers in Greater Noida West can now register their flats as RG Luxury Homes has received the occupancy certificate (OC) for three more towers. This milestone marks a significant step forward for the long-delayed project.
A New Start with Reverse Insolvency
RG Luxury Homes is the first project in Gautam Budh Nagar to be completed using a reverse insolvency process. Under this method, the promoters inject funds into the stalled project to complete it. The process is part of the Insolvency and Bankruptcy Code (IBC) and is designed to rescue struggling real estate projects.
Long-Delayed Project Back on Track
The project was launched in 2010 with a planned completion by 2014. However, work stopped in 2016 due to a lack of funds. Frustrated buyers of the 1,918 units in Phase 1 took the matter to the National Company Law Tribunal (NCLT) in 2019.
In 2021, the NCLT appointed an Interim Resolution Professional (IRP) to oversee the revival. The promoters presented a fresh plan, pledging funds and setting clear deadlines to complete the project. With support from stakeholders, including GNIDA and financial institutions, construction restarted in October 2021.
Progress and Benefits
In 2022, RG Group obtained the OC for 850 units in four towers (A, B, C, and M). Now, three more towers (D, E, and F), covering 600 units, have received OCs. This brings the total number of completed flats to 1,450.
Himanshu Garg, Director of RG Group, called this milestone a testament to the team’s dedication. He assured buyers that the remaining 460 units in Phase 1 will be delivered soon.
Overcoming Challenges
The revival was not easy. Manoj Kulshrestha, the IRP appointed by the NCLT, praised the promoters for their efforts. To complete the project, they sold assets, secured financial backing, and maintained the trust of homebuyers.
With the latest OCs, over 600 families are finally closer to owning their long-awaited homes, bringing relief and hope to all stakeholders involved.
