The National Company Law Tribunal (NCLT) approved the resolution plan of Purvanchal Projects Private Limited to take over Lotus Arena housing project in Noida’s Sector 79 and deliver flats to homebuyers.
There are a total of 1,080 flats in the project of which 858 have been sold in nine towers, which are partially constructed. The remaining units are unsold in this project, said officials.
There are a total of 1,080 flats in the project of which 858 have been sold in nine towers, which are partially constructed. The remaining units are unsold in this project, said officials.
The resolution plan was necessitated after project developer, Arena Superstructures Private Limited, failed to complete and deliver the project on time. The Purvanchal group’s plan was finalised from among 17 proposals that came from different realty firms in Noida and Greater Noida.
Lotus Arena is spread on 12.5 acres along 29.7km Aqua Line of the Noida Metro and is a part of Noida’s Sports City project. The developer had planned 1,080 units in this project but due to ”mismanagement, slow work, poor monitoring and slowdown in real estate sector”, the project got delayed by seven years. The homebuyers now hope that the new developer will deliver the project as per the timelines given in the resolution plan.
The new realtor, as per the resolution plan, has committed to complete the project in the next 36 months.
