Alpha Corp to complete three stalled projects in NCR at Rs 900 cr

13 Jul 2021 CW Team

Alpha Corp will invest around Rs 900 crore to complete three stalled projects of Earth Infrastructure, that are acquired by the process of insolvency.

The three stalled projects include a developable and saleable area of about 4.5 million sq ft, which are located in Gurugram and Greater Noida.

Alpha Corp CFO and Executive Director Santosh Agarwal told the media that the firm has acquired three stalled projects of Earth Infrastructure. Buyers have already paid around 70% of their money but did not get their units.

These projects were launched during 2010-12 but were not finished in the specified time.

He further added that the total investment estimated to complete these projects is around Rs 900 crore. Alpha Corp anticipates about Rs 300-350 crore collections from existing buyers.

Agarwal added that the firm will invest the remaining amount of around Rs 500 crore through a mix of equity and debt to finish these projects over the next four to five years.

He further added that the company estimates that around 30-40% of the total 4.5 million sq ft saleable area should be unsold and anticipates realisation of around Rs 1,100 crore from these projects against sold units and sales value of unsold stocks from customers.

Currently, Alpha Corp's company is compiling and verifying the data of sold and unsold units in the projects.

Agarwal said the works should start within six to nine months in these projects, subject to approvals from several development authorities. In these projects, about 2,900 units will be developed.

Agarwal said the insolvency process began in June 2018. As per the National Company Law Tribunal (NCLT) order, submission of the separate resolution plans was allowed for each project.

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