Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
RG Group has completed the first phase of its long-delayed RG Luxury Homes project in Sector 16B, Greater Noida West, delivering all 1,918 residential units after years of delays and insolvency proceedings. The project, which entered insolvency in 2019, restarted construction under a reverse insolvency framework with oversight from an interim resolution professional. Occupancy certificates for all towers are now obtained, while refunds and registry processes for homebuyers are underway. The development demonstrates how structured financial and regulatory measures can revive stalled real estate projects effectively.
In Greater Noida West's Sector 16B, RG Group has completed phase 1 of the RG Luxury Homes project, covering a total of 1,918 residential units. The project had faced prolonged delays and construction stoppages due to financial constraints and insolvency proceedings, leaving many homebuyers waiting for several years. Advertisement
The project entered insolvency in 2019, and construction resumed under a reverse insolvency model in late 2021. An interim resolution professional oversaw the progress to ensure adherence to timelines and proper use of funds. Lenders also supported the construction through financing, while the promoter contributed a portion of the required funds to complete the project.
Occupancy certificates (OCs) for the remaining towers G and H, comprising 464 flats, have been issued, completing OC approvals for the entire first phase. Earlier, approvals were received for 854 units in four towers and 600 units in three other towers. The project benefitted from a regulatory framework recommended by the Amitabh Kant committee, which allowed developers to pay part of outstanding land dues upfront and the balance in instalments. This enabled authorities to release essential certificates and ensure legal compliance.
Post-insolvency, RG Group has initiated refunds to affected homebuyers and is preparing for the registry and possession processes for the last set of units. The combined effort of the promoter, lenders, and regulatory support ensured the timely completion of phase 1, restoring confidence among homebuyers.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
