Your dream of owning your own home will soon come true Image credit source: Unsplash
Real estate projects are stalled in many areas of Delhi-NCR including Noida, Greater Noida, Ghaziabad and Gurugram. Due to this, the money of people investing in these projects is stuck. At the same time, their dream of owning their own home has also been shattered. But recently, Insolvency and Bankruptcy Board Chairman Ravi Mittal has provided ample information about 645 builders. Due to this, hopes of people to fulfill their dream of owning a home have been raised and new people will get houses at affordable rates.
Meanwhile, there is also good news for the investors of Noida’s iconic ‘Supernova’ tower. The company that makes it, Supertech, has received a funding of Rs 750 crore to complete it. It has received this funding from Kotak Mahindra Bank. In this, bank dues of Rs 300 crore will also be cleared, while Kotak Bank will invest a further Rs 450 crore to complete the project.
Supernova project will be completed
Kotak Mahindra Bank will now join hands as a third party to complete the incomplete ‘Supernova’ project of Supertech Builders in Noida Sector-94. There will be a Supernova party and a Noida Authority party. Not only this, an escrow account (a kind of joint account) will be opened for this project, in which the money from all transactions, sales and leases related to the project will be kept.
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Supernova Project was the first luxury project in Noida, which was launched in 2012. Currently, the outstanding amount for this project is over Rs 3,300 crore. It comprises both offices and residential apartments. The money of around 2,000 home buyers has been invested in this project, of which only 600 people have purchased the flat.
645 builders were also saved
Meanwhile, Insolvency and Bankruptcy Board of India Chairman Ravi Mittal says around 1,400 real estate developers and construction companies have approached the NCLT for the corporate insolvency resolution process. Of these, 645 have been successfully saved, while 261 companies have been liquidated.
The companies that were saved were saved by selling assets or other companies invested in them. Many big real estate players are present in it. Be it Jaypee Infratech or Kohinoor CTNL Infrastructure or the whole of Gurugram, all have been relieved from this step.
If the issue of saving these 645 builders is understood from the perspective of home buyers, then it will help them complete their projects faster because after going through the insolvency process, the burden of debt on their heads will have been eased.
With the quick completion of the projects, buyers will be able to get their dream homes, while unsold units will be sold to new customers at a cheaper price, meaning that new buyers will also receive the gift of cheap homes after the project is completed.
