ReaRCo Private Limited, a real estate institution, has successfully acquired KV Developers through the Insolvency Resolution Process in the NCLT, thereby obtaining rights to complete the stalled residential project KVD Wind Park located in Greater Noida West. Additionally, the promoter has secured funding for the project from the SWAMIH Fund. This not only paves the way for 400 homebuyers to receive their homes in the decade old project and complete almost 650 units but also adds a new dimension to the government’s efforts to complete stalled projects.

Geetanjali Khanna, Founder and MD of ReaRCo Pvt. Ltd., says,  “ReaRCo is possibly the first institution in the real estate sector to not only rescue an incomplete residential project through acquisition from NCLT in the first attempt but also make the project funded by SWAMIH fund. Currently, construction of 650 units across 5 under-construction towers is underway to enable possession for existing homebuyers by the end of the year. In terms of amenities, the project has been upgraded at multiple levels to provide greater comfort and facilities to the homebuyers, hence, we are promoting it as Vayu@KVD Wind Park.”

Launched during 2012-13, the project stalled due to the NCLT insolvency process in 2019 because of various unforeseen and unexpected reasons. ReaRCo (Real Estate Asset Resolution Company) obtained rights to the project construction in July 2023. After securing necessary approvals from the development authority and RERA, reconstruction work commenced in August 2024. Approximately 40 homebuyers who wished to exit from the project have also been given refunds totalling Rs. 10 Cr.

As per the resolution plan, the institution has cleared dues owed to financial institutions (approximately Rs. 35 Cr.) and the development authority (approximately Rs. 60 Cr.) in a phased wise manner. Thus, the Vayu@KVD Wind Park project has been made completely debt or dues-free. Meanwhile, Rs. 195.50 Cr. has been received from the SWAMIH Fund to complete construction and development work. All existing homebuyers of this over-a-decade-old project have been shifted to the 5 under-construction towers to expedite home delivery.

Geetanjali Khanna further stated that restarting construction on a project stuck in NCLT within about 4 years is a record in itself. Construction in the 5 under-construction towers is over 90% complete, 75% of the SWAMIH funds has been utilized, and only 15% of units remain to be sold, while construction on the remaining 2 towers will be taken up in the future. Apart from fully paid dues, an estimated cost of construction is Rs. 250 Cr. and sales value is around Rs. 500 Cr.

Upgrades have been made to provide superior quality, features, and amenities in line with current demands. By reducing the number of units in tower, modern facilities including an extra tower club with terrace garden and cafe on top, infinity swimming pool, and valet parking are being provided. For security, the commercial portion has been consolidated at the base, and the size of the clubhouse above has been increased on the top. The Vayu@KVD Wind Park project is being developed on a 5-acre plot in Techzone-4, Greater Noida West. It comprises 7 towers with approximately 850 units, including 2, 3, 3.5, and 4 BHK residential and commercial units.