ReaRCo Acquires KV Developers, Reviving Hope for Homebuyers in Greater Noida
ReaRCo acquires KV Developers through the insolvency process
The Economic Times
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ReaRCo Private Limited has successfully acquired KV Developers through insolvency proceedings, providing a lifeline to nearly 400 homebuyers in Greater Noida. The company secured ₹195 crore (approximately $23 million USD) from the SWAMIH Fund to complete the stalled project, with construction of 646 units expected to finish by year-end.
- 01ReaRCo acquired KV Developers through the insolvency resolution process.
- 02The project will benefit nearly 400 homebuyers in Greater Noida.
- 03Construction of 646 units is over 90% complete and expected to finish by the end of the year.
- 04ReaRCo has secured ₹195 crore from the SWAMIH Fund for project completion.
- 05The estimated total project cost is ₹250 crore, with expected revenue of ₹500 crore.
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ReaRCo Private Limited has acquired KV Developers through the insolvency resolution process, reviving hope for nearly 400 homebuyers in Greater Noida who invested in the project back in 2013. The firm has secured ₹195 crore (approximately $23 million USD) from the government-backed SWAMIH Fund to complete the stalled project. Currently, construction is underway for 646 units across five towers, with over 90% of the work completed. Homebuyers are expected to receive possession by the end of the year, and the project has been upgraded to enhance amenities. ReaRCo has also cleared dues of ₹35 crore to financial institutions and ₹60 crore to the development authority. The total estimated cost for the project is ₹250 crore, with projected revenue of ₹500 crore. The company aims to acquire more projects in similar situations to assist homebuyers.
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This acquisition is crucial for nearly 400 homebuyers who had invested in the stalled project, as it ensures the completion of their homes and provides them with much-needed possession.
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