Major push for stalled realty projects to benefit over 1200 home buyers in Gurugram
It will bring a long-awaited end to over 1,200 homebuyers adding up to a value of Rs.1100 crores who bought their properties in this project.
A consortium of KGK Realty (India) Limited and Dhoot Infrastructure Projects Limited announced the successful implementation of the resolution plan for the group housing project, Sare Gurugram, pursuant to National Company Law Tribunal (NCLT) passing the Plan in April 2023.
The consortium, through Eka Life Limited, took control of the company since July 24, 2023 and invested over Rs 140 crore till date. It will bring a long-awaited end to over 1,200 homebuyers adding up to a value of Rs.1100 crores who bought their properties in this project. Sare Homes, a 47 Acre project hosts 4 million square feet of residential space. The second piece of land parcel of 17 acres has a further potential of 2 million square feet of residential space which is planned for a launch in 2024.
Sare Gurugram Private Limited was initially developing this group housing project in Sector 92, Gurugram, when it faced financial difficulties and went into the Corporate Insolvency Resolution Process (CIRP) in March 2021, leading to a delay of 3 years to 8 years in the delivery of homes.
"We are proud to have successfully implemented the resolution plan for Sare Gurugram Private Limited. Our relentless efforts and determination have brought smiles to the faces of the homebuyers who have been waiting for their homes since 2011. This accomplishment highlights our commitment to delivering excellence in the real estate sector" said Ajay Munot, Founder Eka Life Ltd.
“We understand the dreams and aspirations of homebuyers, and it has been our utmost priority to ensure that over 1200 buyers at Sare Gurugram see their dreams realized. We express our sincere gratitude to all the stakeholders involved in this journey & focus on speeding up the construction, statutory approvals & handover of homes to customers satisfaction before committed timelines. said Mr. Piyush Dhoot, Dhoot Infra
During the CIRP period, the consortium took on the role of Development Manager and actively worked towards reviving the project. The company achieved a significant milestone on April 29, 2023, when they obtained the Occupation Certificate for Phase 3, comprising 1 million sq ft or 500 homes, atleast 9 months ahead of what was committed in the Resolution Plan.
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