Realty developer Alpha Corp will invest close to Rs. 1,000 crore in reviving 10 stuck projects in Delhi-NCR, chief financial officer Santosh Agarwal told ET.
With the help of the buyer associations in these projects, the company had submitted bids in the Delhi high court and NCLT.
“All these projects are net worth positive and we just need to infuse funds to kick-start construction. We are awaiting final approval, following which we will start work,” Agarwal said.
Alpha Corp will invest Rs. 500 crore in six projects of Cosmos, five of which are in Noida and one in Gurgaon.
A major part of the projects is commercial.
Another project that the group is about to take over is Spirewood, a group housing society in Sector 103 of Gurgaon.
“About 20-30% of work has been completed. The documentation of the project has been done. The project includes 620 units in which 517 units are sold out. AlphaCorp will be investing Rs 50 crore in the project,” Kumar said.
The project is expected to be completed in the next three-and-a-half years.
Beside these seven projects, the company is taking over three projects of Earth Infrastructure of which two are commercials and one is residential.
“Instead of acquiring land to launch fresh projects, there are enough stuck projects in NCR which are financially viable and need funds to kick-start operations. This also brings right momentum and improves the image of the sector,” Kumar added.
According to property consultant Anarock, NCR has around 292 projects comprising approximately 190,110 units that were stuck or delayed as on 2020-end. These projects are worth over Rs. 1,19,291 crore. These units were launched in 2013 or before.
As on 2019-end, there were 310 projects stuck in NCR comprising over 200,000 units. NCR has seen completion of nearly 18 stuck or delayed projects with nearly 9,890 units in the 2020.
Of the 292 stuck projects, 256 are in Greater Noida, Noida, Gurgaon and Ghaziabad while remaining are in Delhi, Bhiwadi and Faridabad.
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