ONE Group Gets NCLT Nod to Revive Ghaziabad's Sushant Aquapolis Project
After a long stretch of uncertainty, ONE Group Developers steps in with ambitious plans. The National Company Law Tribunal (NCLT) has approved their Rs 700 crore initiative to revive the Sushant Aquapolis project in Ghaziabad. Now rebranded as ONE Aquapolis, this initiative raises hopes for many.
Project Overview
This massive project covers 26.18 acres along NH9, right across from Crossings Republik. Imagine 26 towers hosting around 3,000 residential units. Some work has already been done—150 units handed over, with 125 families living there despite ongoing issues.
- Location benefits: Easy access to Meerut Expressway, ideal for those commuting to Delhi.
- Size: A large township atmosphere with planned improvements in infrastructure, landscaping, and amenities.
- Revenue target: The developers aim for a total of Rs 1,300 crore.
A Long Wait for Homebuyers Comes to an End
More than 3,000 buyers have been in limbo since 2011 under the earlier developer, Ansal API. The project reached NCLT in 2022. Now, a resolution plan of Rs 425 crore promises delivery within four years following fresh approvals. The NCLT also approved payments to creditors—Rs 50.69 crore against claims of Rs 373.40 crore, starting with an upfront payment of Rs 5 crore.
Homebuyers express relief. Construction delays and unfinished work have frustrated those already residing there. This revival could address those issues quickly.
ONE Group's Expertise in Revivals
This firm is known for revitalizing troubled locations, particularly in Tier 2 cities near major urban areas. They manage over two dozen projects across six states—Rohtak, Bhiwadi, Agra, Sohna, Gurgaon, and Mohali. Previously, they acquired a stalled 142-acre site in Mohali through NCLT.
Apoorv Jain, Director at ONE Group, states: "With NCLT approval, we will accelerate construction, enhance living conditions, and meet deadlines." Their funding aims for improved roads, green spaces, and high-quality facilities—transforming aspirations into reality.
Future Prospects
Once approvals are in place, work will commence soon. A lively community is anticipated, mixing modern living with reliability. This achievement signals resilience in India's real estate sector, boosting buyer confidence and generating local employment in Ghaziabad.
For investors who felt trapped, ONE Aquapolis signifies more than just a name change. It represents a commitment. Keep an eye on this development as towers rise and families move in.