Eka Life Limited, a consortium of KGK Realty and Dhoot Infrastructure Projects, announced the successful implementation of the resolution plan for the group housing project SARE Gurugram, a move that will benefit 1,200 homebuyers, the company said.
The National Company Law Tribunal (NCLT) had in April 2023 approved the Rs 990-crore resolution plan submitted by the consortium for debt-ridden realty firm SARE Gurugram, a unit of SARE Homes.
Eka Life Limited, has invested over Rs 140 crore in the project till date.
A statement issued by Eka Life said the resolution will help properties worth Rs 1,100 crore see the light of day. The project includes two land parcels. One 47-acre project holds four million square feet of residential space. Another 17-acre parcel has a further potential of 2 million square feet of residential space, which is planned to be launched at the end of 2024, it said. The projects, called Crescent Parc and Sports Parc, are located in sector 92 of Gurugram, Haryana.
Sare Gurugram Private Limited was initially developing this group housing project when it faced financial difficulties and went into the Corporate Insolvency Resolution Process (CIRP) in March 2021, leading to a delay of three to eight years in the delivery of homes.
"We are proud to have successfully implemented the resolution plan for SARE Gurugram Private Limited. Our efforts have helped buyers who have been waiting for their homes since 2011. This highlights our commitment to delivering excellence in the real estate sector," said Ajay Munot, Founder, Eka Life.
During the CIRP period, the consortium became the development manager and worked towards reviving the project. On April 29, 2023, the consortium obtained the occupation certificate (OC) for Phase 3, comprising 1 million sq ft, or 500 homes, which was at least nine months ahead of what was committed in the resolution plan, the statement said.
“We understand the dreams and aspirations of homebuyers, and it has been our utmost priority to ensure that over 1,200 buyers at Sare Gurugram see their dreams realised. We express our sincere gratitude to all stakeholders involved in this journey. We are focussed on expediting the construction, statutory approvals, and handover of homes to our customers’ satisfaction before committed timelines,” said Piyush Dhoot of Dhoot Infra.
Started in 2009, the project was to comprise apartments ranging in size from 1,200 to 1,500 square feet, priced between Rs 30 to Rs 50 lakh for phases 1 and 2. The rest were priced at about Rs 70 lakh to Rs 1.5 crore each.
Homebuyers speak
Praveen Malik, president of the residents welfare association of SARE Homes Phase 1 and 2, hailed the move and said that homebuyers are hopeful that their flats will be handed over soon.
“Our hopes have been rekindled and we feel we will get our homes soon, and the builder will develop all the amenities within the stipulated time. The pace of construction is good and some amenities, such as water supply, have been improved. The builder has also handed over flats to 200 people in phase 3,” Malik told Moneycontrol.
He said that the value of properties in the complex has increased since construction work started.
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