New Delhi, May 6 (PTI) Realty firm Alpha Corp Development Ltd will invest nearly Rs 900 crore to complete three stalled housing and commercial projects in Greater Noida and Gurugram, a development that would provide relief to more than 3,000 existing customers.
The company had acquired three stalled projects of Earth Infrastructures Ltd through the resolution process under the National Company Law Tribunal (NCLT).
The projects include two commercial developments — Earth TechOne and Earth Sapphire Court in Greater Noida- and one residential project, Earth Copia in Gurugram. These were launched around 15-16 years ago.
“The Supreme Court has upheld our resolution plans to revive these three projects,” the company’s Executive Director and CFO, Santosh Agarwal, told reporters here.
The apex court on May 5 restored Alpha Corp Development’s resolution plan, setting aside the order dated January 31, 2023, of the National Company Law Appellate Tribunal (NCLAT) that had rejected the plan, he added.
“The restoration of the Resolution Plan marks an important and positive step towards the resolution of these long-stalled projects. This historic judgment reinforces confidence in the insolvency resolution framework and paves the way for the timely revival of stressed real estate assets,” Agarwal said.
Asked about investment to complete these projects, he said, “The cost will be Rs 750-900 crore”.
The company expects to generate a revenue of around Rs 1,200 crore from these three projects, which includes collections of funds from customers and realisation from unsold units, he said.
The stalled projects would be completed over the next four years. The housing project in Gurugram has a total of 600 units, of which 450 units are sold. The two commercial projects have a total saleable area of around 40 lakh sq ft.
Delhi-based Alpha Corp has developed many real estate projects. It is looking to acquire more stressed projects. PTI MJH MJH SHM SHM
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