Alpha Corp to Invest ₹750 Crore to Revive Stalled Housing Projects in Greater Noida and Gurugram
Alpha Corp to invest ₹750 cr to revive stalled projects in Greater Noida and Gurugram, bring relief to 3,000 homebuyers
Hindustan Times
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Real estate firm Alpha Corp Development Ltd plans to invest ₹750 crore (approximately $90 million USD) to revive three stalled housing and commercial projects in Greater Noida, Uttar Pradesh, and Gurugram, Haryana, India. This initiative aims to benefit nearly 3,000 homebuyers and is backed by a recent Supreme Court ruling that supports the company's resolution plan.
- 01Alpha Corp will invest ₹750 crore to complete three stalled projects.
- 02The projects aim to benefit nearly 3,000 homebuyers in Greater Noida and Gurugram.
- 03The Supreme Court of India restored Alpha Corp's resolution plan, allowing project completion.
- 04The expected revenue from these projects is around ₹1,200 crore.
- 05The revival plan includes infrastructure upgrades and timely delivery.
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Alpha Corp Development Ltd is set to invest ₹750 crore (approximately $90 million USD) to revive three long-stalled housing and commercial projects in Greater Noida, Uttar Pradesh, and Gurugram, Haryana, benefiting nearly 3,000 homebuyers. This investment follows a significant ruling by the Supreme Court of India, which restored Alpha Corp's resolution plan that had been previously rejected. The ruling is seen as a historic win for the developer-led resolution framework under the Insolvency and Bankruptcy Code (IBC), ensuring the interests of affected buyers are protected. The projects include two commercial developments in Greater Noida and one residential project in Gurugram, with a projected revenue potential of around ₹1,200 crore. Alpha Corp aims to complete the projects over the next four years, focusing on transparent execution and timely delivery, while also implementing infrastructure upgrades and modernizing designs to meet current market expectations.
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This investment will provide significant relief to homebuyers who have been waiting for years for their properties to be completed, potentially restoring their trust in real estate investments.
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