Alpha Corp to invest Rs 500 cr in 3 projects of Earth infrastructure

24 Jun 2021 CW Team

Real estate developer Alpha Corp Development Private Limited has announced the investment of Rs 500 crore in three stalled projects of Earth Infrastructure Limited following the National Company Law Tribunal’s (NCLT) approval of the real estate developer’s resolution plan.

The NCLT had approved the plan earlier this month, a ray of hope for more than 1,000 homebuyers who have been stuck in the projects since 2015.

According to the NCLT order, the insolvency process had begun in June 2018. Five projects of Earth Infrastructure were stuck. While the NCLT had permitted bidders to submit separate resolution plans for each project instead of asking them to submit one plan for the company.

The chief financial officer of Alpha Corp, Santosh Agarwal, said that the company will need Rs 150 crore to start the project, and for that, we will approach the banks and Special window for funding stalled affordable and middle-income housing projects (SWAMIH) fund. The project is estimated to be completed in the following three to five years.

Earth Copia, Earth Sapphire, and Earth Techone are the three projects which have been taken over by the company.

Earth Copia is a residential project in Gurgaon with more than 600 flats on Dwarka Expressway.

Earth Techone is a commercial project with a development potential of 2 million sq ft on the Yamuna expressway.

Earth Sapphire is a commercial and retail project spread over 1.5 million sq ft, in which almost 60% of the work has been completed.

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Also read: Nashik real estate sector gains momentum after months of inactivity

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