The NCLT had approved the plan earlier this month, giving hope to over 1,000 homebuyers who have been stuck in the projects for over 10 years.
New Delhi based One Group Developers will invest Rs 300 crore in a stalled project of Puma realtors in Mohali, following the National Company Law Tribunal’s approval of the real estate developer’s resolution plan.
Puma realtors is a subsidiary of Ireo group.
The NCLT had approved the plan earlier this month, giving hope to over 1,000 homebuyers who have been stuck in the projects for over 10 years.
The company will first complete the group housing and plotted developments and then monetise the unsold land parcels through commercial and residential developments.
Beside paying Rs 50 crore to lenders and authorities, the company will invest the remaining amount in developing the township in Sec 98 and Sec 99 in Mohali.
“Work on group housing, which is spread over 7.6 acres and has 449 flats, is 90% complete and we will have to invest in the finishing part. Also, the developers had planned plotted developments in 25-acre and had sold plots. We will complete that too. Initially, our focus is to develop the facility before restarting sales of the remaining project,” said Udit Jain, Director of the company.
The resolution professional had received nine expressions of interest to acquire the project and two of them had submitted the bid.
Homebuyers and lenders had voted for One Group.
One group developers is executing 21 projects across six states. The company focuses on tier 2 cities, which are close to the metro city.
The company has projects in Rohtak, Bhiwadi Agra, Sohna and Mohali and is planning to acquire more stress projects.
“We have submitted more bids in NCLT and hope to acquire at least three more stress projects in Noida and Greater Noida. We have a land bank in Delhi and will start greenfield projects once we have some clarity on Delhi’s master plan,” said Jain.
Puma Realtors did not respond to the email query.
One city infrastructure private Limited and APM infrastructure private ltd have entered into a consortium agreement to execute the project. However, One city infrastructure private Limited will be responsible for the execution of the prow for and will infuse the fund.