Hello Friends

Saw advertisement of RG Homes in today's edition of Times of India. So now we have another player in allready crowded Noida Extension RE market. The rates offered are very attractive Rs. 1700/- per sq ft in CLP.

So should we understand thye prices in Noida ext are going down?

Kindly share your views about this project

Regards

Rimple2010:bab (35):
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  • Is there any whats app group where we can connect.
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  • There is no whatsappp group or FB group i am aware of, i can create one on whatsapp, please message me your #.

    I know construction is delayed , there is no progress but getting ARs so far. However i used to get ARs for every six months before, now getting every three months.
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  • Yes there is a whatsapp group for RG Luxury buyers.Please go to RG Luxury buyers Facebook page and you can connect through the link provided there.
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  • pls add me also in rg group whatsup group my no. 9811390511
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  • Please go to this link. You guys would be asked for some verification documents and then added to the Telegram group. You would also have to download Telegram app in your mobile no.Its a telegram group because whatsapp cannot accommodate so many users.

    https://www.facebook.com/groups/1611044172468668/?ref=bookmarks
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  • Noida: Nine years on, RG Luxury's project yet to be completed
    When they purchased the homes, it seemed like a bargain, especially with the big bouquet of promises that the builder made.Sharmila Bhowmick | TNN | August 31, 2019, 07:49 IST

    Nine years after launch, over 1,600 homebuyers of RG Luxury housing project in Noida Extension’s Sector 16B are still unsure if they will ever get possession of their flats.

    When they purchased the homes, it seemed like a bargain, especially with the big bouquet of promises that the builder made. However, homebuyers are worried about their investment in the non-starter.

    RG Luxury was promoted and sold as an affordable luxury project and in 2010, it was among some of the most sought-after ventures.

    It appealed to buyers, who at that time were drawn to the concept of ‘luxury living’.

    The project offered three-tier security, green cover, children’s play area and sports facilities. But the promises made in the brochure meant nothing as construction started to slow down before coming to a halt.

    Of the 1,990 units, not even a single flat has been completed by the builder in these many years. What stands at the site is just the shell. Buyers claim they have not seen any construction since 2014.

    RG Luxury had sold 1,672 flats and buyers have already paid up to 90% of the amount. Despite reaching out to the economic offences wing (EOW) and the National Consumer Dispute Redressal Commission (NCDRC), the buyers are still awaiting justice.

    “Initially, the flats were to be delivered by 2013. But construction was delayed by two years because of farmers’ agitation. The delivery date was revised to 2015. However, the construction work came to a standstill. There are allegations of funds diversion against the builder,” said Vikas Mathur, a homebuyer.

    “We have approached the builder several times. It is difficult to gain an audience. Despite going to multiple platforms, buyers are back to where they were nine years ago,” he added.

    “I have invested Rs 23 lakh in an apartment booked in 2010. We were supposed to be given the flat in 2013. We don’t know what is going to happen to our investments. It is a huge financial stress for me,” said Mohit Jain, another homebuyer.

    Currently, the buyers are seeking justice at EOW, NCDRC, and UP-Rera. As the next move, buyers have decided to appeal to the National Company Law Tribunal (NCLT).

    With litigations pending, the project was sealed by the Greater Noida Authority in May 2019. It was finally de-sealed a week ago.

    The builder listed reasons for the long delay. Aniket Tiwary, media head, RG Group, said, “We launched the project in August 2010. Allahabad high court cancelled the land acquisition due to Shahberi issue and so, the construction was kept on hold till the next order. In October 2011, the court ordered to stall the work till the NCR board allowed it. On August 2012, it allowed construction and the project started in full swing from April 2013. But in 2015, there was recession that affected construction. Meanwhile, NGT asked us to hold developments... But the market suffered loss of trust and sales were affected.”

    The note added: “From January 2016, PSU banks were not giving loans, the market was under a slowdown, and sales were dropping. By that time, 80% of work in Phase 1 was complete. In December 2017, we applied for re-schedulement of plot and made payments by March 2018. We were about to get funding, but ... it was delayed till September 2018. That month, due to IL&FS default and resulting liquidity crisis, the loan couldn’t be processed.”

    RG luxury said it is confident of completing the project by September 2020, the deadline set by UP-Rera.











    https://realty.economictimes.indiatimes.com/news/residential/noida-nine-years-on-rg-luxurys-project-yet-to-be-completed/70918783
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