Alpha Corp to Invest ₹750 Crore to Revive Stalled NCR Projects

• Alpha Corp plans ₹750 crore investment over four years
• Supreme Court clears revival of three stalled NCR projects
• Nearly 3,000 homebuyers expected to benefit from completion plan

New Delhi: Real estate company Alpha Corp Development Ltd has announced plans to invest nearly ₹750 crore to revive and complete three long-stalled real estate projects in Greater Noida and Gurugram.

The projects, originally launched by the now-defunct Earth Infrastructure Ltd more than a decade ago, had remained incomplete since 2011 due to financial troubles faced by the developer. The revival move follows a significant Supreme Court judgment that restored Alpha Corp’s resolution plan under the Insolvency and Bankruptcy Code (IBC), clearing the legal hurdles that had delayed the process for years.

The decision is expected to directly benefit around 3,000 homebuyers and commercial-space investors who have been waiting for possession of their units for over a decade. Industry experts say the ruling could become an important benchmark for resolving stressed real estate assets across India.

The Supreme Court on May 5 set aside an earlier order passed by the National Company Law Appellate Tribunal (NCLAT) in January 2023, which had rejected Alpha Corp’s resolution plan. By restoring the plan, the apex court reaffirmed support for developer-led revival under the IBC framework.

The court observed that any additional delay in completing the projects would seriously impact buyers who had already invested substantial sums in these developments. It also provided financial relief by directing that the Greater Noida Industrial Development Authority (GNIDA) can recover only its principal dues while waiving penal interest, extension penalties, and other additional charges.

Importantly, the court stated that these liabilities should not be passed on to homebuyers. Alpha Corp has been directed to clear the dues within 24 months.

The three projects include:

• Earth TechOne – Commercial project in Greater Noida
• Earth Sapphire Court – Commercial development in Greater Noida
• Earth Copia – Residential housing project in Gurugram

The Gurugram residential project consists of around 600 units, out of which nearly 450 units have already been sold. Meanwhile, the two Greater Noida commercial projects together offer nearly 40 lakh square feet of saleable space.

According to the company, the total revenue potential from these projects is estimated at approximately ₹1,200 crore, which includes customer collections and sales from unsold inventory.

Alpha Corp said it will not only complete the unfinished structures but also upgrade and modernise the projects to match present-day market standards. The company is evaluating infrastructure improvements, better amenities, design upgrades, and redevelopment measures to enhance the overall value of the projects.

The company will oversee construction management, customer coordination, regulatory approvals, phased execution, and eventual handover of the units. Detailed timelines for completion and buyer engagement are expected to be shared gradually as operational and regulatory alignments move forward.

Speaking about the development, Santosh Agarwal, Executive Director and CFO of Alpha Corp Development Ltd, said the company remains focused on transparent execution and timely delivery. She added that the Supreme Court verdict marks a positive step toward rebuilding confidence among affected buyers.

Legal experts involved in the matter described the judgment as a landmark decision for the real estate sector, especially for stalled projects in NCR. According to them, the ruling strengthens the insolvency resolution framework while ensuring protection for homebuyers who have faced years of uncertainty.

The revival of these projects is being seen as a positive signal for the NCR property market, where delayed housing developments have remained a major concern for buyers and investors. Analysts believe the Supreme Court’s decision could encourage faster resolution of other stressed real estate projects under the IBC mechanism.

For thousands of buyers who have waited more than a decade for possession, the announcement brings renewed hope that their homes and commercial investments may finally become reality.