Greater Noida: A major relief has come for homebuyers in Greater Noida as a long-stalled real estate project has finally been completed under the Reverse Insolvency Model. All 1918 flats of Phase-1 have now received the Occupancy Certificate (OC), bringing joy to the buyers who had been waiting for more than a decade.
The project, which went into insolvency in 2019, had created deep uncertainty among buyers. However, things changed in July 2021 when an IRP was appointed and the Supreme Court began monitoring the progress. With the cooperation of the promoter RG Group, banks, authorities and buyers, the project was revived through a detailed restoration plan.
Construction restarted in October 2021and within just two years, the entire Phase-1 was completed. The promoters even sold their personal assets to ensure the work never stopped.
The journey was very tough, but with the support of buyers and all stakeholders, we achieved the impossible.
Himanshu Garg, Director, RG Group
More than 1200 buyers have already received possession and this project has now become the first successful example in Gautam Buddh Nagar to be completed under the Reverse Insolvency Model — proving it to be a true game changer for stuck housing projects.