Homebuyers Plans to Settle Land Dues for Stalled Greater Noida Project

Homebuyers of a long-delayed group housing project in Greater Noida West have proposed contributing to the Rs. 48 crore land dues owed by the developer, Ajnara Realtech, to the Greater Noida Authority.

Ajnara Realtech, along with homebuyers of its Le Garden project in Sector 16, has submitted a joint proposal to the Authority. 

Under this plan, the developer will pay Rs. 12 crore upfront, with Rs. 5 crore contributed by homebuyers under the legacy stalled real estate policy. The proposal is currently under review.

The initiative also aims to complete four pending towers—K, L, M, and N—which are outside the scope of the developer’s ongoing insolvency proceedings. These towers comprise 585 flats, of which 476 have already been sold. The remaining land dues are expected to be cleared through the sale of unsold units and funds from existing buyers once construction is completed.

Ajnara Realtech has been undergoing corporate insolvency resolution (CIRP) under the National Company Law Tribunal (NCLT) since April 2024. However, the four towers were excluded from the proceedings after the developer successfully challenged the order in the National Company Law Appellate Tribunal (NCLAT). The developer argued that these towers were approved under Section 8 of the UP Real Estate Regulatory Authority (UP-RERA) Act, which supports the rehabilitation of stalled projects.

In May 2024, NCLAT stayed insolvency proceedings against these towers and instructed Ajnara to seek assistance under the UP government’s rehabilitation policy for incomplete projects.

Kishalay Deb, president of the Lee Garden Phase-3 Welfare Society, confirmed that RERA approved the joint completion of the project by homebuyers and the developer in June 2023.