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Around 100 homebuyers at RG Luxury Homes in Greater Noida West finally received their property registries during a special on-site registration camp held over the past few days. The housing project, originally launched in 2010, had come to a halt in 2016 due to financial distress and was admitted to the NCLT in 2019. It was revived in 2020 through a rare reverse insolvency resolution process, allowing the original promoter to resume work under the court-appointed insolvency professional. More than 1,400 flats across seven towers have now been issued occupancy certificates, and the remaining two towers are nearing completion.
Around 100 buyers at RG Luxury Homes in Greater Noida West were recently handed their registries during a specially arranged on-site camp. Organised jointly by the Greater Noida Authority and the stamp and registration department, the initiative brought long-overdue relief to several homebuyers who had been waiting for nearly a decade. Officials confirmed that such camps would continue for other buyers as well, especially those from stalled legacy projects across the region. Advertisement
The RG Luxury Homes project, initially launched in 2010 with a scheduled delivery timeline of 2016, had stalled due to a severe financial crisis. After being admitted into insolvency proceedings in 2019, the project was brought under the reverse insolvency process, an uncommon route that allowed the promoter to complete the development under the supervision of insolvency professional Manoj Kulshreshtha. The turnaround began in early 2020, and has since made steady progress, marking one of the few examples of a successful real estate revival in the National Capital Region under this model.
So far, occupancy certificates have been issued for more than 1,400 flats across seven towers. Of these, four towers had already received OCs earlier, and three more were recently approved. The remaining two towers are in advanced stages of construction and are expected to be completed under the same insolvency framework.
Reverse insolvency has rarely been applied in the real estate sector, making RG Luxury Homes one of the very few projects in Gautam Buddh Nagar to successfully return from the brink. The collaborative push by authorities, combined with targeted execution and legal clarity, has created a pathway for many other distressed developments seeking similar lifelines.
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