Renox, Diligent revive 2 stalled Greater Noida projects

Revival of the two delayed housing projects in Greater Noida by local developers Renox Group and Diligent Builders has brought relief to more than 200 investors.

Following takeover of the unfinished projects, both companies paid off money they owed to lenders and the state authority, so construction started again on 1.5 million square feet of space. The Group’s investment of Rs. 300 crore will be used to construct 400 units in four towers on 3.3 acres of land, creating 9,24,000 sq. ft. of space. Those who paid between 10 and 20 percent have gotten all their money back.

Renox Group Chairman Shailendra Sharma said, "We have completed the acquisition of Nivas Promoters by paying all the liabilities of the development authority, financial institutions and former allottees. The old allottees of the project, who were stuck for about 12 years, have been given relief."

In this project, Diligent Builders worked with 60 of the 120 homebuyers who wanted to stay, as the rest decided to get refunds. Completion of the project and the delivery of homes became possible due to a shift in company management and the government measures, especially those suggested by the Amitabh Kant Committee.

Also, Nimbus Projects said it is putting Rs. 1,000 crore into revitalizing a different stalled project in Noida. About 36 real estate projects in the Uttar Pradesh state are currently facing insolvency cases. The recent initiatives offer hopes to end long delays in the NCR real estate market and ensure homes are given to uneasy buyers.