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RG Group completes three towers, set to handover 600 units in RG Luxury Homes

Tuesday, 31 Dec 2024
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RG Group has achieved a major milestone by completing three additional towers - D, E, and F, in its RG Luxury Homes project in Greater Noida West, securing occupancy certificates (OCs) and is set for the handover of 600 units to buyers.

Last year, the Group completed four towers A, B, C, and M, delivering 850 flats. This brings the total completed units to 1,450 across seven towers, with 460 units of Phase-I still under construction. Strategically located in Sector 16B, near Ek Murti Chowk, the 18.5-acre RG Luxury Homes project was launched in 2010 and originally planned to deliver 1,918 flats featuring two and three-BHK units.

However, construction came to a halt in 2016, leaving nine towers unfinished. Intervention from the National Company Law Tribunal (NCLT) in 2019 resulted in a "reverse insolvency order" issued by the National Company Law Appellate Tribunal (NCLAT) in February 2020. Under the resolution process, Manoj Kulshrestha was appointed as the insolvency resolution professional (IRP) in July 2021. The project was revived through innovative funding strategies, including the sale of personal assets by the group’s promoters. 

The completion of these towers provides much-needed relief to homebuyers who have been waiting for years. The project's location and enhanced connectivity make it a highly desirable residential destination in the region.

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