KGK Realty (India) Limited and Dhoot Infrastructure Projects Limited have taken control of the Sare Gurugram Group housing project after the National Company Law Tribunal's approval of the resolution plan. This development is a relief for over 1200 homebuyers awaiting possession of their apartments. The 47-acre project, facing financial challenges, entered the Corporate Insolvency Resolution Process in 2021, delaying delivery from 3 to 8 years. The consortium acted as a development manager during the process, focusing on fulfilling buyers' dreams. With an initial investment of Rs 140 crore, the consortium aims to complete the project in 18 months. The move not only delivers homes but also underscores their commitment to buyers' aspirations.
A consortium comprising KGK Realty (India) Limited and Dhoot Infrastructure Projects Limited has successfully taken control of the Sare Gurugram Group housing project following the National Company Law Tribunal's (NCLT) approval of the resolution plan. This move brings relief to more than 1200 homebuyers who had been eagerly awaiting the possession of their apartments. The project, which covers a 47-acre area and boasts 4 million square feet of residential space, faced financial challenges that led to it entering the Corporate Insolvency Resolution Process (CIRP) in March 2021. As a result, the delivery timeline for homes was delayed from 3 years to 8 years.
During the CIRP period, the consortium played a pivotal role in the project's revival by taking on the role of development manager. With a focus on fulfilling the dreams of homebuyers, the consortium has already commenced the process of handing over apartments to the buyers. While the initial investment in the project stands at Rs 140 crore, the consortium remains committed to its completion within the next 18 months. The consortium's involvement not only ensures the delivery of long-awaited homes but also signifies the dedication to the realization of the buyers' aspirations.
Founder of Eka Life Ltd, Ajay Munot, emphasized that the homebuyers who have been waiting for their homes since 2011 are now finally receiving their apartments, with the remaining work set to be completed within the stipulated timeline. Piyush Dhoot from Dhoot Infra expressed understanding for the aspirations of homebuyers, confirming their commitment to making the dreams of over 1200 buyers at Sare Gurugram a reality. Looking ahead, the consortium intends to launch residential development on the remaining 17-acre land once the Dwarka Expressway becomes operational. Until then, the consortium's primary focus remains on the timely delivery of flats to the homebuyers.
Advertisement
Facebook
Whatsapp
