Greater Noida West: 600 buyers stuck in RG Luxury Home Project will soon get possession of the flat. Greno Authority has issued an Occupancy Certificate for flats built in 7 towers of the project. Despite being in the bankruptcy process, the issuance of OC of 7 towers has raised hopes of buyers getting flats. Buyers have been waiting to get flats in this project for about 14 years.
This project has been in the bankruptcy process for a long time
The construction of the project is going on under the supervision of an Interim Resolution Professional (IRP) appointed by NCLT. It is claimed that the remaining buyers will be given possession next year. The construction of the RG Luxury Homes Project located in Sector 16B started in the year 2010. The builder had promised to give possession in 3 years, but could not fulfil the promise.
OC issued for flats built in these four towers
1918 flats were to be constructed in 9 towers of the first phase. When the construction was not completed, the buyers knocked on the door of NCLT. After the order of NCLT, the builder started the construction of the project in October 2021 under the supervision of IRP. Last year, the construction of 4 towers A, B, C and M was completed. The authority issued OC for 854 flats built in these four towers in February 2024.
At the same time, the construction of 600 flats in 3 more towers has also been completed. The authority has also issued its OC. IRP Manoj Kulshrestha says that due to the project reaching NCLT, it was a big challenge to resolve it within the stipulated time, but now the construction of 1454 flats has been completed.
The director of RG Group claimed
There are 1918 buyers in Phase One of the project. Out of these, the way has been cleared for 1454 buyers to get their houses, but 454 buyers are still left. They may have to wait for one more year to get possession of the flat.
RG Group director Himanshu Garg has claimed that the construction work in the remaining 2 towers is going on at a fast pace. Soon the construction will be completed and the remaining buyers will also be given possession.