Construction to Resume at Ansal Fernhill, Gurugram After NCLT Approves Rs 300-Crore Resolution Plan

• NCLT approves Rs 300-crore resolution plan for Ansal Fernhill.
• Construction expected to restart from next week after legal clearance.
• Around 600 homebuyers to benefit from phased possession schedule.

Gurugram: In a major relief for nearly 600 homebuyers, the National Company Law Tribunal (NCLT) has approved a Rs 300-crore resolution plan for the long-delayed Ansal Fernhill Project in Sector 91, Gurugram. The decision, passed earlier this month, clears the way for construction to restart from next week after years of legal disputes and stalled development.

The move is significant because many buyers have been waiting since 2011 for homes that were originally promised by 2018.

The Ansal Fernhill project, spread across 14.4 acres, was launched by Ansal Properties & Infrastructure Ltd (APIL) and includes 712 apartments, 28 villas, and nine commercial shops. Homebuyers had collectively invested more than Rs 274 crore, but the project came to a standstill due to financial issues and prolonged legal battles involving the developer and co-developer.

Under the approved plan, Krish Infrastructure Private Limited (KIPL) will take over the project through a newly created corporate entity. The NCLT has also lifted the insolvency moratorium, allowing construction activities to resume immediately.

The tribunal also rejected objections raised by Samyak Projects Private Limited, the project’s co-developer, directing it to hand over peaceful possession of the site and stop interfering with the resolution process. In its order, the NCLT criticised repeated legal challenges that delayed the project’s revival and reaffirmed Krish Infrastructure’s role in completing the development.

Mahesh Jain, Chairperson of the Fernhill Homebuyers Welfare Association, welcomed the decision, saying the site is expected to be handed over shortly, allowing construction work to begin. He described the tribunal’s order as a major victory for hundreds of families who have spent years waiting for their homes.

The approved resolution plan also provides a clear roadmap for handing over homes. The first phase, covering several residential towers and commercial shops, is expected to be completed within 10 months from the project’s implementation under RERA. The second phase has a 24-month timeline, while the remaining towers and villas are targeted for delivery within 34 months, along with a limited grace period.

The tribunal has also protected the interests of buyers who had previously obtained refund orders. Such buyers can now either choose a refund of their principal amount with applicable interest or continue with their allotted homes. Additionally, the NCLT ruled that homebuyers cannot be asked to bear insolvency-related costs beyond a maximum limit of Rs 4 crore.

With the legal hurdles largely resolved, Krish Infrastructure is expected to take control of the project site and begin construction work. Authorities have also directed that there should be no obstruction to the resolution process, ensuring the long-stalled housing project moves towards completion.

For hundreds of families who have waited nearly 15 years, the tribunal’s decision offers renewed hope that they may finally receive possession of their homes after one of Gurugram’s longest-running stalled real estate projects.

Also Read: Gurugram Builders Cannot Cut Power Over Unpaid Maintenance Dues, Says Haryana CM

Also Read: DTCP Proposes 1,150-Acre Land Acquisition to Build Missing Sector Roads in Gurugram