support@headlinenews360.com
Real Estate News: The Real Estate Sector, which came out of the 2016 note closure and 2017 GST shock, was not ready to hit Kovid at all. After this, the biggest decline in the real estate sector so far and due to this construction and development work in many projects either slowed down or completely stopped. But during 2022-24, he made a tremendous comeback in the real estate sector recovering from Kovid’s hit.
In this return, many such projects also crossed the fleet which had been closed for years and the house buyers were almost impossible to start the work in them. Many shutdown and incomplete projects became financially beneficial due to the rising demand of units and rise in prices. Today we will take a look at the models adopted by the promoters, which started re -construction and development work in a closed or unfinished project for years;
1. Through Reverse Insolvency-
Such projects in the real estate sector are very limited that can achieve perfection after going to NCLT. But there is also an exception where the project has not only been brought back from NCLT by the promoter but has been obtained by completing the OC. The RG Group brought its company back to the NCLT process by reverse insolvency and RG Luxury Holmes was completed and now OC has been obtained.
According to Himanshu Garg, director of RG Group, it is probably only a company in Gautam Buddha Nagar, which has brought both its projects back to NCLT through reverse insolvency and has also given possession. This was possible from the positive attitude of the company which was working only and only for the purpose of completing the project. In this, apart from our home buyers, we also got full support of the policies of the government. With this, we have not only been able to complete the project but have obtained OC of 1,452 units and have applied OC for other 2 tower.
But the real problem is the lack of funds, due to which the projects closed. CREDAI Western UP Secretary Dinesh Gupta believes that many other real estate projects are still closed or pending in NCLT due to lack of funds in Noida and Greater Noida alone. In the sector, in addition to the source of funds, many other initiatives are needed so that the necessary needs can be provided for re -construction in the stalled projects.
2. Through the new management of the promoter company-
Many projects are affected by the lack of funds as well as the lack of effective management. In such a situation, the process of removing the mistakes made by the promoters of the project and bringing new funds is done so that the construction work in the project can be resumed. On this model, a project named Space Valley, spread over 2.5 acres, is being rebuilt by the Diligent Builders in Greater Noida West itself.
COO of Dilliant Builders L.K. According to Ashwani Nagpal (retired), the new management in the old company not only repaid the arrears of the authority by supplying funds from the new level but also refunded the old allottees associated with the project. The new action plan created a new goal and energy was communicated, which made it possible to resume the project. In this process, we got the support of the positive policies of the government and the recommendations of the Amitabh Kant Committee, due to which we have come to the level today from which we are moving towards completion of the project along with giving home buyers their home.
3. Acquisition of Promotor Company-
Under this model, the main real estate company of the project which has been closed for years is acquired by a new real estate institute. This process includes purchasing 100 percent shares or transfer or purchasing 100 percent equity. With this process, the Renox Thrive Project was launched by the Renox Group by acquiring residence promoters.
According to Shailendra Sharma, chairman of the Renox Group, the acquisition of the Promoter Institute was the most accurate way to use the plot. We paid the arrears of all the parties associated with the project which includes the Greater Noida Authority, Bank, RERA and old byer. After this, a new project was brought to the new project by canceling the registration of the former promoter project from RERA. Apart from generating employment through the project, we also activated the entire cycle of government revenue that has been stopped for years.
Also read: Adani Group will invest 50 thousand crores in the next decade in North-East
