Alpha Corp fixes ₹1,000-cr stalled projects in Delhi-NCR
Realty developer Alpha Corp has planned to invest ₹1,000 crore in restarting the 10 stalled projects in the Delhi-NCR region. Chief Financial officer Santosh Agarwal informed that 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 just need to infuse funds to kick-start construction, which will be started shortly after the company gets final approval. Alpha Corp will invest ₹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 and the other project that the group is about to take over is Spirewood, a group housing society in Sector 103 of Gurgaon where about 20-30% of work has been completed. The project includes 620 units of which 517 units are sold out. Alpha Corp will be investing ₹50 crore in the project, which is expected to be completed in the next three-and-a-half years. Besides 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.
📅Published on:
09 April 2021
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