Renox Group acquires Nivas Promoters, all set to infuse 300 Cr. in Renox Thrive
Renox Group settled all dues and claims of the allottes of the Nivas Promoters.
Stated in the official press release, Renox Group has completed acquisition of Nivas Promoters. The group is investing Rs. 300 Cr. on the land parcel of the erstwhile promoter, 3.30 acres, situated in sector 10, Gr. Noida West to develop Renox Thrive, a new and luxurious group housing project. Renox Group has already liquidated the project related liabilities of Nivas Promoters, the previous owners of the plot, by fulfilled the terms and conditions of the competent institutions.
According to Shailendra Sharma, Chairman of the Renox Group, “We have completed the acquisition of Nivas Promoters by paying all the liabilities of the development authority, financial institutions and former allottees.”
Renox Group claims to successfully protect the interests of all the stakeholders of the real estate sector before development of the project. The old allottees of the project got their refund based on their demands. Further, the financial institutions were being paid for the NPAs (Non-Performing Assets).
Mr. Sharma added further that the approval of new maps and layouts was obtained by paying the dues to the development authority i.e GNIDA. Finally, by getting the liabilities and claims resolved and payments verified in UP RERA, the registration of the old project was being cancelled and secured the registration of the new project, Renox Thrive, having state-of-the-art amenities and future ready residential project.
“Initially, we have invested Rs. 120 crore in Renox Thrive, which includes complete demolition of the decade old construction and commencement of the new construction as per the new approved plan. The remaining investment will be raised by the institution itself and through sale. Even after permissible FAR of 3.5, the project will have only 25-floors to keep it limited density project. We are providing more than 2 dozen world class facilities keeping in mind the preferences of all age groups, especially the youth.” further mentioned by Shailendra Sharma.
