RG Homes Gets Final OC, 464 Flats to Be Handed Over Soon, Greater Noida

• Final OC granted for Towers G and H in Sector 16B, Greater Noida West

• All 1,918 flats in Phase One of RG Luxury Homes now legally cleared

• Project revived through a rare reverse insolvency process under NCLT oversight

Noida: In a major relief for homebuyers, RG Homes has received the final occupancy certificate (OC) for the last two towers of its long-delayed group housing project in Greater Noida West’s Sector 16B, paving the way for registry and possession of 464 additional flats.

With this approval, Phase One of RG Luxury Homes stands fully completed, covering a total of 1,918 residential units. The project’s revival marks the end of a prolonged wait for hundreds of buyers who had been stuck since construction came to a halt in 2019.

The project had slipped into insolvency after financial stress stalled development, leaving homebuyers in uncertainty for years. A turnaround began in October 2021, when the matter was taken up under a reverse insolvency framework supervised by an interim resolution professional appointed by the National Company Law Tribunal (NCLT). Unlike conventional insolvency cases, this approach focused on completing the project rather than liquidating assets.

Occupancy certificates were granted in stages as construction progressed. In February 2024, clearance was issued for 854 flats across Towers A, B, C, and M. This was followed by approvals for 600 flats in Towers D, E, and F in November 2024. The latest OC for Towers G and H completes the regulatory process for the entire first phase.

With all approvals now in place, registry and possession for the remaining 464 flats are expected to commence shortly, bringing long-awaited closure to affected homebuyers.

Interim resolution professional Manoj Kulshrestha described the project’s revival as a benchmark for resolving stalled housing developments. He noted that promoters demonstrated commitment by mobilising funds through multiple sources, including the sale of personal assets, to ensure construction did not stop again.

“Strict adherence to timelines was crucial in rebuilding confidence—not just among buyers, but also among lenders and authorities,” Kulshrestha said, adding that the project highlighted how disciplined execution can restore trust in stressed real estate developments.

Company data shows that construction costs for Phase One after the NCLT process stood at around ₹200 crore. During the insolvency proceedings, refunds of approximately ₹95 crore were issued to certain homebuyers. Funding for construction came from a mix of sources, including ₹43 crore infused by the promoter and around ₹27 crore contributed by banks.

The project also carried significant statutory dues. Post-NCLT, outstanding dues to the Greater Noida Authority were estimated at nearly ₹200 crore, of which about ₹60 crore has already been paid, according to people involved in the process.

Legal experts tracking the case said the project’s completion under a Supreme Court–monitored reverse insolvency mechanism demonstrated how coordinated oversight can revive stuck housing projects while balancing the interests of homebuyers, lenders, and authorities.

RG Group Director Himanshu Garg confirmed that possession has already begun in several towers and will soon start for Towers G and H as well. “Our priority has been to complete the project responsibly and hand over homes to buyers who have waited patiently for years,” he said.

The successful closure of Phase One of RG Luxury Homes adds to a growing list of stalled NCR projects that have been revived in recent years, offering a template for resolving stressed developments through structured legal and financial intervention.