Stuck projects
Good days of home buyers who have been waiting for the house in the stuck projects for years have come. Work has started in the stuck project due to the return of real estate and bounce in demand for property. In fact, after the price of land for the new project reached the sky, many developers have chosen the way to make the old company and make it. This has cleared the way for home buyers to get home in that project. In order to take advantage of the real estate boom, these days many developers are also revolving in the stold project by reverseing the NCLT, bringing co-development policy and new management. Due to this, work has started in many projects which have been closed for 10 years. In many projects, flat hand overs to old home buyers have also started.
Why was the project work stopped?
There is a shortage of fundamental funds behind the completion of a project work. Due to this, the work of many projects has stopped. CREDAI Western UP Secretary Dinesh Gupta believes that many other real estate projects in Noida and Greater Noida alone are either stalled or reaching NCLT which is not good for the sector. In the sector, apart from funds, many other initiatives are needed, which will be likely to rebuild the stalled project.
Work is being done on these 4 models right now
Takingover of Stopped Project: Under this model, a new real estate company acquires an old company to turn on a stalled project, with either 100% shares transferred. As part of this process, the Renox Group has launched the Renox Thrive Project on 3.30 acres of land in Greater Noida West for almost a decade by acquiring residence promoters. Renox Group Chairman Shailendra Sharma said that this is the easiest way. We settled all pending payments associated with the project, including the Greater Noida Authority, Bank and RERA. Now we are working to complete the project fast.
New management in the company: Under this model, if any project was closed due to lack of funds, it is being started. Under this, a new management is introduced to remove the mistakes made by former promoters, which removes funds and completes other work. On this model, a project named Space Valley, spread over 2.5 acres, is being rebuilt by Dilliant Builders in Greater Noida West itself. COO of Dilliant Builders L.K. According to Ashwani Nagpal (retired), in the old company itself, the new management not only paid the arrears of the authority by supply of funds from the new level but also refunded the old allottees associated with the project. Construction work started in the closed project which was closed under the new action plan. In this process, we got the support of the positive policies of the government and the recommendations of the Amitabh Kant Committee, due to which we will soon be able to give their home to the buyers and complete the project.
Reverse Insolvency from NCLT: In the real estate sector, such projects are very limited which are ready after going to NCLT. But there is also an exception where the project has not only been brought back from NCLT by the promoter but has been completed by completing OC. The RG Group brought its company back to the NCLT process by reverse insolvency and has obtained OC by completing its RG luxury homes. According to RG Group director Himanshu Garg, brought back his project from NCLT via reverse insolvency. Apart from our home buyers, we also got support from government policies and financial institutions.
Co-Developer Policy: One of the many recommendations of Amitabh Kant Committee, under the co-development policy, the project of many promoters is being completed by another promoter. In this model, the new promoter gets the right to rebuild in the new promoter incomplete project by repaying the remaining arrears and other loans of the plot as per the conditions of the authority. On this basis, Nimbus Group has got the rights to complete the project of Greater Noida West by Sector 168 and Havellia Group.
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