The Greater Noida authority issued occupancy certificates to 854 apartments of RG Luxury Homes in Sector 16A, thereby paving the way for the registry of these flats, which has been delayed since the past several years.
The project was completed under the supervision of the interim resolution professional (IRP) appointed by the National Company Law Tribunal (NCLT) in 2020.
The Greater Noida authority allotted 18.5 acres to RG Luxury Homes in 2010 for the proposed development of 13 residential towers having two and three bedroom apartments. The developer was supposed to complete the project in a maximum of six years (2016).
But in 2016, the realty firm stopped construction work, leaving homebuyers in the lurch. The developer could complete only the outer structures of nine towers and these nine towers had 1,900 apartments.
The homebuyers in 2019 filed a plea in the NCLT on the grounds that the developer has delayed the delivery of their apartments. National Company Law Appellate Tribunal (NCLAT) in February 2020 issued an order directing the developer to collaborate with the IRP and complete the project.
“We are happy that finally we have got the occupancy certificate for 854 flats from the Greater Noida authority. We kept working in coordination with the IRP because we wanted to deliver the units to homebuyers. Soon, we will deliver remaining apartments as well,” said Himanshu Garg, promoter of RG Residency.
According to the occupancy letter, towers A, B, C, and M of the RG Luxury Homes are complete and 854 apartments are ready for living.
“We have applied for the occupancy certificate of an additional 600 flats in three towers and the work on the remaining two towers having 400 flats is on in full swing,” said Garg.