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Alpha Corp to invest in Earth Infra’s Three Stalled Projects in NCR
Gurugram-based realty firm Alpha Corp will invest around Rs 900 crore to complete three stalled projects of Earth Infrastructure that it acquired through insolvency process. The three projects, comprising developable and saleable area of around 4.5 million sq ft, are
BY
Realty Plus
Published - Tuesday, 13 Jul, 2021
Gurugram-based realty firm Alpha Corp will invest around Rs 900 crore to complete three stalled projects of Earth Infrastructure that it acquired through insolvency process. The three projects, comprising developable and saleable area of around 4.5 million sq ft, are located in Gurugram and Greater Noida. Alpha Corp's team is currently compiling and verifying the data of sold and unsold units in these three projects. Approximately 2,900 units are to be developed in these projects.
"We have acquired three projects of Earth Infrastructure which were stalled. Buyers have already paid around 70 per cent of their money but did not get their units," Alpha Corp CFO and Executive Director Santosh Agarwal told.
These projects were launched during 2010-12, but not completed in the stipulated time period. "As per our estimate, the total investment required to complete these projects is around Rs 900 crore," Agarwal said. Alpha Corp expects around Rs 300-350 crore collections from existing buyers, he said.
"We will invest the remaining amount of around Rs 500 crore through mix of equity and debt to complete these projects over the next 4-5 years. The company estimates that around 30-40 per cent of the total 4.5 million sq ft saleable area should be unsold. We expect realisation of around Rs 1,100 crore from these projects including receivables from customers against sold units and sales value of unsold stocks," Agarwal said.
Ananta by Alpha Corp ( erstwhile Earth Copia) - Sector 112, Gurugram is a housing project launched in February 2011; Earth Sapphire Court, Greater Noida, is a commercial project launched in July 2010; and Earth Techone, located on Yamuna Expressway in Greater Noida, is a mixed use project launched in June 2012. Agarwal pointed out that the Gurugram project is only 30-40 per cent complete, while Greater Noida projects is 60-70 per cent complete. The project on Yamuna Expressway is only 20-30 per cent complete.
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