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One Group Developers is injecting Rs 700 crore to revive the Sushant Aquapolis project in Ghaziabad, a significant move approved by the National Company Law Tribunal (NCLT). This decision offers much-needed hope to more than 3,000 homebuyers who have been waiting for their homes for the past decade. The project, now renamed ONE Aquapolis and located on NH9, spans 26.18 acres and includes 26 towers with approximately 3,000 residential units. So far, 150 units have been handed over, and 125 families are already living there.
Apoorv Jain, Director at ONE Group, stated, "With NCLT approval secured, our next phase focuses on accelerating construction, enhancing resident experience, and ensuring that project is delivered timely." The approved resolution plan involves an investment of Rs 425 crore and promises home delivery within four years of obtaining construction approvals.
The NCLT order noted that claims of Rs 373.40 crore from Secured Financial Creditors (SFCs) were admitted, with the SRA proposing a payment of Rs 50.69 crore, including an upfront payment of Rs 5 crore within 90 days. The Group aims for a total revenue potential of Rs 1300 crore from the project, with the investment focused on upgrading infrastructure, landscaping, and amenities. One Group Developers has a strategy of acquiring and reviving stressed projects, particularly in Tier 2 cities, and is currently executing about two dozen projects across six states.
Impact
This revival signals positive momentum in the real estate sector's stressed asset resolution through NCLT. It provides a crucial lifeline for thousands of homebuyers and demonstrates the developer's capacity to manage complex revival situations. The investment is expected to boost local economic activity and consumer confidence in the Ghaziabad region.
Rating: 7/10
Terms Explained
National Company Law Tribunal (NCLT): A specialized quasi-judicial body in India established for resolving corporate insolvency and bankruptcy cases.
Resolution Plan: A comprehensive plan submitted by a Resolution Applicant (SRA) to revive a company or project facing financial distress, outlining how debts will be paid and operations continued.
Secured Financial Creditors (SFCs): Lenders whose loans are backed by specific assets of the borrower, giving them priority in recovery during insolvency proceedings.
SRA (Successful Resolution Applicant): The entity whose resolution plan has been approved by the NCLT to take over and revive the distressed company or project.