real estate projects
There are many projects in the real estate sector in which home buyers’ money is stuck. Neither are they able to get the house of their dreams nor are they able to withdraw their money. In this series, there has been news of relief for home buyers from the project of Noida. In a significant development in the real estate sector, Rearco Private Limited has successfully acquired KVD Wind Park, an incomplete residential project of KV Developers, through NCLT. With this step, the way has been cleared for completion of this project located in Greater Noida West.
The company has also secured funding of Rs 195.50 crore from the government-backed Swamih Fund for this project. This has increased the hopes of completing the construction of about 650 flats and about 400 old home buyers getting their homes by the end of 2026.
Will get the house by the end of 2026
According to Ms. Gitanjali Khanna, Founder and MD, Rearco, on owner funding after NCLT acquisition, Rearco is probably the first company in the real estate sector to acquire an incomplete project through NCLT and get it financed from owner funds. He said that at present the construction of 650 units in 5 towers is being completed rapidly and a target has been set to give possession to home buyers by the end of the year 2026. With advanced facilities, this project is now being promoted under the name Vayu Wind Park.
A decade old project got new life
This project was started in the year 2012-13, but got stuck in NCLT in 2019 due to various reasons. REARCO got its acquisition in July 2023 and reconstruction work started from August 2024. Now the company will complete this project in a phased manner by spending in different ways. In which the project has been made completely dues free by paying the dues of about ₹ 35 crore to the financial institutions and about ₹ 60 crore to the Development Authority.
Big relief to home buyers
This decision has brought great relief to the home buyers of this project. The company shifted almost 100% of the home buyers to the under-construction towers under refund and shifting. He also gave a refund of ₹ 10 crore to about 40 buyers who walked out of this project. This step has proved to be a big relief for the buyers who have been stranded for a long time. Till now, the construction of about 5 towers in this project has been more than 90% completed. 75% of the Swami Fund has been utilized. Now only 15% units are left for sale. The remaining 2 towers will be constructed in future.
You will get benefit from these facilities
According to the company, the total cost of this project is approximately Rs 250 crore. Its estimated sales revenue is Rs 500 crore. Keeping in mind the current demand of this project equipped with modern facilities, many new facilities have been added in the project like terrace garden and cafe, infinity swimming pool, extra tower club, valet parking, big club house and better security arrangements will be provided. The project is being developed on 5 acres of land in Techzone-4, Greater Noida West, consisting of 7 towers and approximately 850 units.
