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TL;DR: RG Group completed phase 1 of RG Luxury Homes in Greater Noida West; all 1,918 units now have OCs and possession is set to begin.
About ₹95 crore refunded to buyers; total post-insolvency construction cost ~₹200 crore, aided by promoter and bank funding.
RG Luxury Homes: Phase 1 Completed and OCs Issued
RG Group has announced the completion of phase 1 of RG Luxury Homes in Greater Noida West, marking the revival of a stalled housing project after insolvency proceedings. The project’s post-NCLT construction cost is estimated at around ₹200 crore, and the developer has refunded approximately ₹95 crore to affected homebuyers as part of the resolution process.
What the Revival Looked Like
Admitted to insolvency in September 2019, the project was revived under a reverse insolvency framework and completed under the supervision of an interim resolution professional (IRP). Construction resumed in October 2021 after approval of a revival plan and was finished in about two years with monitoring from lenders, homebuyers and the IRP. The promoter infused roughly ₹43 crore and banks extended construction finance of nearly ₹27 crore to help complete the work. Authority dues after NCLT were estimated at around ₹200 crore, with about ₹60 crore paid so far.
Occupancy Certificates and Possession Timeline
Phase 1 in sector 16B, Greater Noida West, comprises 1,918 residential units. Earlier batches received occupancy certificates (OCs) in stages: 854 units in towers A, B, C and M, followed by 600 units in towers D, E and F in November 2024. The developer has now secured OCs for towers G and H—comprising 464 flats—meaning all 1,918 units in phase 1 have official occupancy approval. Registry and possession for the remaining units are expected to commence shortly.
How the Rehabilitation Framework Helped
To unlock regulatory approvals and clear long-pending authority dues, the company adopted the rehabilitation framework recommended by the Amitabh Kant committee for stalled housing projects in Noida and Greater Noida. Under this policy, developers deposit 25% of outstanding dues upfront to avail relief on interest and penalties for the delay period (the “zero period”), with the balance payable in instalments over up to three years at simple interest. This mechanism enabled authorities to resume registries and issue occupancy certificates for eligible projects.
Why This Matters to Homebuyers and Investors
The completion of RG Luxury Homes phase 1 restores confidence among affected homebuyers and sets a precedent for handling stalled projects through structured rehabilitation. Buyers who were waiting for possession can now expect registries and handovers, while the refunds issued (about ₹95 crore) indicate tangible progress in protecting consumer interests. Improved connectivity and nearby commercial options also add to the project’s appeal—residents will benefit from expanding transport networks discussed in Delhi Metro Expansion: Luxury Property Hotspots, and retail and office destinations in adjacent micro-markets such as Nirala Gateway – Retail, Studio & Office Spaces in Noida Extension support future lifestyle needs.
Comparisons and Local Market Context
Greater Noida West continues to attract varied residential projects and gated communities across sectors. For buyers evaluating alternatives, developments like LnT Green Reserve, Sec-128 Noida show how large-format township projects are being positioned alongside infill developments, offering comparisons in amenity planning, delivery timelines and connectivity. The successful completion of RG Luxury Homes phase 1 adds momentum to the local market’s recovery narrative.
Key Takeaways for Prospective Buyers
- All 1,918 units in phase 1 now have occupancy certificates, enabling registry and possession processes to start.
- The project was completed after structured financing: promoter infusion (~₹43 crore), bank finance (~₹27 crore) and partial payment of authority dues (~₹60 crore paid after NCLT).
- The rehabilitation framework used here can be a model for other stalled projects—depositing 25% upfront unlocks waivers on penalties and enables phased payment of remaining dues.
For homebuyers and investors, the RG Luxury Homes completion demonstrates that stalled projects can be revived under an organized framework, bringing delayed dreams closer to delivery while reinforcing the importance of regulatory clarity and lender oversight.
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