Gautam Buddh Nagar, May 22: ReaRCo (Real Estate Asset Resolution Company) Private Limited, a turn-key professional institution, has successfully acquired KV Developers through the Insolvency Resolution Process in the NCLT and obtained rights to complete the Vayu@KVD Wind Park, a stalled residential project in Greater Noida West. The institution has confirmed to secure the SWAMIH Fund of Rs. 195.50 Cr. for the project to pace up remaining work.
This has brought relief for almost 400 stuck homebuyers who were waiting for their homes in a project launched during 2012-13. The spokesperson also claimed that they are the first who secured SWAMIH funds after reviving a housing project from NCLT.
According to Ms. Geetanjali Khanna, Founder and MD of ReaRCo Pvt. Ltd., “ReaRCo is possibly the first institution in the real estate sector to not only rescue an incomplete residential project through acquisition from NCLT in the first attempt but also make the project funded by SWAMIH.”
The official press note mentions that the insolvency process began in 2019 after the project was stalled for almost 2-3 years. ReaRCo obtained rights to the project construction in July 2023 and till August 2024, the institution had all approvals and to re-start the construction.
As per the approved resolution plan, the institution has cleared dues of Rs. 35 Cr. to the financial institutions. Also, paid Rs. 60 Cr. to the GNIDA and made the project completely debt or dues-free. Meanwhile, Rs. 195.50 Cr. has been received from the SWAMIH Fund to complete construction and development work.
At present, construction is in full swing in the 5 under-construction towers which have almost 650 units and the target is to offer possession by the end of 2026. After settling almost 40 buyers, all existing homebuyers of this over-a-decade-old project have been accommodated in the existing towers.
Ms. Geetanjali Khanna further updated that construction in the 5 under-construction towers is over 90% complete, 95% units are sole and 75% of the SWAMIH funds has been utilized. Development of the last 2 towers are part of future plan.
The project has got various upgrades to provide better amenities and facilities than promised earlier, hence, it is being projected as Vayu@KVD Wind Park. Upgrades have been made to provide superior quality, features, and amenities in line with new age demands.
Number of units has been reduced and service rooms have been provided to the residents for their guests. Modern facilities include an extra tower club with terrace garden and cafe on top. An infinity swimming pool will be developed to serve the residents and facilities of valet parking can be availed.
To secure the entry-exit of the society, divided commercial areas have been clubbed and on the top, a club house will be prepared which was not in pre-approved plan. The project is spread over 5 acres of land and has permission for 7 residential towers. 2 New towers will be developed with bigger units of 3, 3.5 and 4 BHK options.
