SARE Gurugram homebuyers have to wait for 6-36 months for their flats
In a big relief to homebuyers of SARE Gurugram, a New Delhi-based real estate company, the principal bench of NCLT in Delhi has approved the Rs 990 crore resolution plan submitted by the consortium of KGK Realty of Jaipur and Kolkata-based Dhoot Infra.
As per the resolution plan of the KGK Realty and Dhoot Infra, the successful resolution applicant will complete and deliver flats of over 1200 homebuyers, who had together submitted claims of Rs 1,161 crore. The completion of the stalled projects of SARE Gurugram is estimated to cost Rs 250 crore. Financial creditors will get Rs 225 crore against their admitted claims of Rs 952 crore.
| Creditors/stakeholders | Amounts claims | Amounts provided for in Resolution Plan |
| Home buyers | Rs 1,161 crore | Completion and delivery of the units to the admitted creditors (Clause 2(ii) of the Resolution Plan) Principal claim admitted value: Rs 765 crore |
| Other financial creditors | Rs 952 crore | Rs 225 crore |
| Operational Creditors | Rs 19 crore | Rs 10 lakh |
| Other creditors | Rs 24.50 crore | Rs 5 lakh |
| Total | Rs 990 crore |
The resolution applicant will try to complete construction of remaining phases — phase 3 to phase 7 of the Crescent Parc Project — and deliver flats to the Homebuyers in a phased manner within three years.
The Crescent Parc Project (Project 1) consists of seven phases, out of which, total 1,699 residential/commercial units have been sold/booked in favour of the Homebuyers. Further, six acres of School Land out of total 7 acres has also been sold. As regards The Sports Parc Project (Project 2), 92 bookings have been received by the Corporate Debtor (SARE Gurugram). Crescent Parc Project has 148 unsold units.
The consortium of KGK Realty and Dhoot Infra undertakes to complete the pending construction of remaining phases — Phase 3 to Phase 7 of ‘The Crescent Parc’ Project — on priority and as per the revised timelines within a period of 36 months from the construction commencement date. It is submitted that during this 36 month period, the resolution applicant will first endeavor to complete the construction of Phase 3 and Phase 7 in The Crescent Parc Project, as the same is in a more advanced stage of construction, followed by completion of Phases 4, Phase 5 and Phase 6 in the order of priority.
To protect the interest of the Homebuyers, the consortium proposes to allocate an initial sum of approximately Rs 25 crore as cash infusion for the purpose of expediting the construction of remaining phases — Phase 3 to Phase 7 of ‘The Crescent Parc’ Project.
For the additional requirement of funds, the resolution applicant intends to mobilize the same from their own sources or by availing a construction loan.
SARE Gurugram was admitted for corporate insolvency resolution process in March 2021 on an application by Asset Care and Reconstruction Enterprises Ltd after the former defaulted on a payment of Rs 462 crore.
Also Read: The story of a UK real estate company and its broken promises
