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For the first time in Delhi-NCR, by special order of the court, 17 hundred buyers will get a house in RG Homes


Noida. It is being claimed that for the first time in Delhi-NCR, the court has given a “reverse insolvency order” in favor of flat buyers. This order has come in favor of flat buyers of RG Luxury Homes. About 1700 flat buyers associated with the project have now fulfilled their dream of getting a house. In the first phase, 800 buyers have been handed over the keys of their flats. RG Group claims that in the coming three months, the remaining 900 buyers will also be given the keys of their house. It should be noted that due to some reasons the project was stalled. After which this project went to NCLT in the year 2019.

Work started in 2021 when IRP was appointed

After the case went to the NCLT, the work of RG Luxury Homes project was stopped for almost two years. After which the buyers also went to court. In view of this problem of flat buyers, IRP was appointed to monitor the project. After this, RG Group, taking banking experts and flat buyers into confidence, started the project work once again from July 2021. Real estate experts claim that this is the first time that in the case of a project related to Delhi-NCR, the court has issued a reverse insolvency order to complete the project and give the flat buyers their homes.

This is RG Luxury Homes Project

RG Group’s RG Luxury Homes project is under construction in Sector 16B, Greater Noida West, Gautam Buddha Nagar. It is a project built in 18.5 acres. 2 and 3 BHK flats have been built in its 13 towers. A total of 1700 flats are being built in this. 800 flats have been completed and the remaining 900 flats are being claimed to be ready in the next three months. 800 flat buyers associated with the project have received the keys of their flats. Recently, during a program, Umesh Narang, treasurer of ‘Jan Kalyan Samiti’, a union of home buyers, was also handed over the keys of his booked flat.

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He is the director of IRP and RG Group.

Project’s IRP Manoj Kulshrestha says that starting the project in July 2021 was a big risk in a market battling Corona and lockdown. This was the time when we were trying to emerge from corona and lockdown. In such a situation, getting 1700 flats ready was a huge task. But due to mutual coordination between bankers, flat buyers and project builders, 800 flats were completed within a year and the remaining 900 flats would be ready in the coming three months. In this, many authorities of UP also contributed a lot.

At the same time, Himanshu Garg, group director of RG Group, said that amid the situation like corona and lockdown, the court, while issuing a reverse insolvency order, expressed great confidence in allowing the group to work on the project again. Similarly, bankers and flat buyers also supported in every way in completing the project keeping the faith of the group.

Tags:, Court, Own flat

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