A consortium of KGK Realty (India) Limited and Dhoot Infrastructure Projects Limited has announced the successful implementation of the resolution plan for the Sare Gurugram group housing project, pursuant to NCLT passing the plan in April. The consortium, through Eka Life Limited, has taken control of the company since July 2023 and has 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 crore, who have 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 Ltd 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 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 & will focus on speeding up the construction, statutory approvals & handover of homes to customers’ satisfaction before committed timelines,” said Piyush Dhoot of Dhoot Infra.
During the CIRP period, the consortium took on the role of Development Manager and actively worked towards reviving the project. As a testament to their commitment to delivering on promises, achieved a significant milestone on April 2023, when they obtained the Occupation Certificate for Phase 3, comprising 1 million sq ft or 500 homes, at least 9 months ahead of what was committed in the Resolution Plan.
Copyright © 2024 HomesIndiaMagazine. All Rights Reserved.
