Alpha Corp to invest ₹750 cr to revive stalled projects in Greater Noida and Gurugram, bring relief to 3,000 homebuyers

In a move set to bring relief to nearly 3,000 homebuyers of long-stalled projects, real estate firm Alpha Corp Development Ltd will invest around ₹750 crore to complete three housing and commercial developments in Greater Noida and Gurugram over the next four years.

The Gurugram housing project comprises 600 units, of which 450 have already been sold, while the two commercial projects together have a saleable area of about 40 lakh sq ft. The company had acquired these stalled assets of Earth Infrastructures Ltd through the resolution process under the National Company Law Tribunal.

Alpha Corp Development is expected to invest approximately ₹750 crore towards completion, redevelopment, infrastructure upgrades, and delivery of the projects, with a projected revenue potential of around ₹1,200 crore from them. This potential includes collections of funds from customers and realisation from unsold units, Santosh Agarwal, the company’s Executive Director and CFO, told reporters in the capital.

In a key development, the Supreme Court of India on May 5 restored Alpha Corp’s resolution plan, setting aside the January 31, 2023 order of the National Company Law Appellate Tribunal that had earlier rejected it.

The judgment is viewed as a historic win for the developer-led resolution framework under the (IBC), while simultaneously safeguarding the interests of thousands of affected buyers awaiting completion and possession for over a decade, the company said.

The Supreme Court upheld the IBC’s revival framework and cleared the path for completion of stalled projects, observing that any further delay would seriously prejudice homebuyers and buyers who had invested substantial amounts in the developments, it said.

Also Read:

The Court also directed that the Greater Noida Industrial Development Authority (GNIDA) would be entitled to recover only its principal dues, while waiving penal interest, penal charges, and time-extension penalties. It further mandated that Alpha will clear these dues over 24 months, with no financial burden passed on to homebuyers, the company said.

The projects include two commercial developments in Greater Noida, ‘Earth TechOne’ and ‘Earth Sapphire Court’, and one residential project in Gurgaon, ‘Earth Copia’. These projects were launched more than a decade ago.

“The Supreme Court has upheld our resolution plans to revive these three projects,” Agarwal said.

Also Read:

“The restoration of the Resolution Plan marks an important and positive step towards the resolution of these long-stalled projects. This historic judgment reinforces confidence in the insolvency resolution framework and paves the way for the timely revival of stressed real estate assets,” Agarwal said.

“At Alpha Corp, our focus remains on transparent execution, timely completion, and restoring the trust of over 3,000 homebuyers and office-space buyers who have waited several years for delivery,” he said.

Sandeep Bhuraria, Senior Partner, Zeus Law Associates, assisted by Vatsala Pandey, Associate, who represented Alpha Corp in the matter, said, “This judgment by the Supreme Court is a significant step towards resolving long-stalled projects and will provide much-needed relief to homebuyers and allottees. It also sets an important precedent for the resolution of stressed real estate assets across NCR.”

Detailed execution schedules, customer engagement mechanisms, and phased completion timelines are expected to be communicated progressively as regulatory and operational alignment progresses, it said.