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The RG Luxury Homes project in Greater Noida West is set to hand over possession to 600 homebuyers who have been waiting for six years. The developer has secured occupancy certificates for three additional towers under the National Company Law Tribunal's (NCLT) reverse insolvency process, bringing the total to seven towers cleared for possession. The project, which was stalled in 2016 due to financial troubles, is the first in Gautam Buddh Nagar to achieve this milestone under this insolvency route. With only two towers left under construction, RG Group is steadily moving toward completing the first phase of the long-delayed project.
In a significant breakthrough for distressed homebuyers, RG Luxury Homes in Greater Noida West will soon deliver apartments to 600 residents awaiting possession for nearly six years. According to the developer, the Greater Noida Authority has issued occupancy certificates (OCs) for three additional towers, marking another major step forward in the project's revival under the National Company Law Tribunal's (NCLT) reverse insolvency process. Advertisement
RG Luxury Homes has now become the first stalled project in Gautam Buddh Nagar district to secure OCs under this unique resolution mechanism. With the latest approvals, seven out of the nine towers in the project's first phase have been cleared for handover. The company emphasized that this development follows the project's revival through an order from the NCLT, executed under the supervision of an interim resolution professional (IRP).
The reverse insolvency resolution process, a provision under the Insolvency and Bankruptcy Code (IBC), allows corporate debtors to voluntarily initiate resolution proceedings. It is specifically designed to revive stressed real estate projects or firms facing insolvency. This mechanism requires promoters to inject fresh capital into the stalled development and complete pending construction.
RG Group, under the IRP's oversight, has completed another phase of the RG Luxury Homes project and secured OCs for Towers D, E, and F. These three towers alone will enable the group to hand over 600 apartments to homeowners. Earlier, the developer had obtained OCs for Towers A, B, C, and M, which consist of 850 units.
Located in Sector-16B of Greater Noida West, the project spans 18.5 acres and includes nine towers that were pushed into insolvency. While seven towers are now ready, construction of the remaining two is underway and slated for delivery shortly. In total, the project's first phase will comprise 1,918 apartments.
The project was initially launched in 2010 with a target completion by 2014. However, construction came to a standstill in 2016 due to severe funding shortages. A group of frustrated homebuyers approached the NCLT in 2019, which in early 2020 passed a landmark reverse insolvency order. This directive allowed RG Group's promoter to restart and complete the project under the IRP's watch. Construction resumed in late 2021, and earlier this year, OCs were secured for 854 flats across four towers, setting the precedent for further progress.
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