RG Group announces completion of phase 1 in RG Luxury Homes project located in Greater Noida West. After overcoming insolvency challenges, with construction costs evaluated at ₹200 crore, they have managed to refund ₹95 crore to affected homebuyers. About 100 buyers received registries at RG Luxury Homes in special camps in Noida. Project had been stuck but now offers possession. NCLT initiated insolvency proceedings against Rajesh Projects and allowed RG Group to finish the project, with first flats ready in 2.5 years.

100 homebuyers of RG Luxury Homes project received their registries during special camps organized by Greater Noida Authority and the stamp and registration department.

RG Luxury Homes in Greater Noida West, Sector-16B, spread over 18.5 acres, received occupancy certificates (OC) for three towers (D, E, F) from Greater Noida Authority under reverse insolvency process. Total of 7 towers now have OC, comprising 1,450 units. The project will deliver possession to 600 flat owners; last year OC was obtained for towers A, B, C, M comprising 850 units. First phase has total 1,918 units across 9 towers; 2 towers remain under construction. Project launched 2010, targeted 2014, stalled 2016 due to fund crisis. NCLT issued reverse insolvency order February 2020 directing RG Group to complete under insolvency resolution professional (IRP) supervision. Construction restarted October 2021. Homebuyers first moved NCLT in 2019 after six years of delays. RG Group director Himanshu Garg stated 460 remaining phase 1 units will be delivered soon. This is first stalled project in Gautam Buddh Nagar to receive OC under reverse insolvency process. RG Group has executed 14 commercial and retail projects and 1,540 apartments across 2 million square feet in Sector 120, Noida.

RG Group has completed three additional towers (D, E, and F) in RG Luxury Homes project in Greater Noida West and secured occupancy certificates (OCs), clearing the way for delivery of 600 flats to buyers.

RG Luxury Homes, located on 18 acres in Sector 16B, Greater Noida West, has obtained occupancy certificate (OC) for 600 units in towers D, E and F from GNIDA. This is the first project in Gautam Budh Nagar district completed and given OC through reverse insolvency process.

Project timeline: Launched 2010 with completion deadline 2014; work halted 2016 due to funds crunch; homebuyers approached NCLT in 2019 (1,918 units in Phase 1); interim resolution professional appointed July 2021; construction restarted October 2021. Previously obtained OC for towers A, B, C and M comprising 850 units last year.

Total OC obtained: 1,450 units across seven towers. Remaining 460 units of Phase 1 to be delivered soon. Over 600 homebuyers will receive possession and ownership rights.

Reverse insolvency allows corporate debtors to initiate resolution process themselves; promoters required to infuse funds as lender to complete projects. RG Group promoter sold assets, collaborated with financial institutions and maintained customer faith.