Greater Noida West : In a significant move to revive a long-delayed housing project, homebuyers of Ajnara Realtech’s Le Garden project in Sector 16, Greater Noida West, have proposed contributing towards the developer’s pending land dues of Rs. 48 crore owed to the Greater Noida Authority.
A joint proposal has been submitted by Ajnara Realtech along with representatives of the homebuyers, seeking approval under the government’s policy for stalled real estate projects. Under the plan, the developer has committed to paying Rs. 12 crore upfront, while Rs. 5 crore will be contributed by homebuyers under the legacy stalled real estate policy. The proposal is currently under consideration by the Authority.
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The initiative aims to complete four pending towers, K, L, M, and N, which are not part of the developer’s ongoing insolvency proceedings. These towers together comprise 585 flats, out of which 476 units have already been sold. The remaining land dues are expected to be settled through the sale of unsold flats and additional contributions from existing buyers upon completion of construction.
Ajnara Realtech has been undergoing corporate insolvency resolution proceedings (CIRP) under the National Company Law Tribunal (NCLT) since April 2024. However, the four towers were excluded from the insolvency process after the developer challenged the order before the National Company Law Appellate Tribunal (NCLAT).
The developer argued that these towers were approved under Section 8 of the UP-RERA Act, which allows rehabilitation of stalled projects. Accepting the plea, the NCLAT in May 2024 stayed insolvency proceedings related to these towers and directed Ajnara to seek relief under the UP government’s rehabilitation policy for incomplete projects.
Confirming the development, Kishalay Deb, President of the Le Garden Phase-3 Welfare Society, said that RERA approved the joint completion of the project by homebuyers and the developer in June 2023. The proposal has raised fresh hope among hundreds of homebuyers who have been waiting for possession for years, as authorities now examine the feasibility of the joint funding and completion plan.