Noida: Lotus Panache buyers take 600 flats to finish line – ET RealEstate

NOIDA: While the insolvency resolution process is still on, proactive efforts by homebuyers and the resolution professional (RP) will soon bear fruit – in the form of 600 ready flats at Lotus Panache.

The houses at Panache in Sector 110 are to be completed by August. Construction of the flats commenced last year with the permission of the RP, who came on board to oversee the construction process.

The buyers have put in their own pending dues to execute the construction. Jaipuria group, which is the selected resolution applicant, is working in the capacity of a construction company to do the job. In this first phase of the homebuyer-driven construction, there are still 100 more houses which will be completed over the coming months, resolution professional Chandra Prakash said.

Panache is a project held by debt-ridden Granite Gate, a subsidiary of the 3C company. Insolvency proceedings of Granite Gate began in January 2019. Chandra Prakash told TOI, “The resolution process has been stalled asNoida Authority has appealed for the status of financial creditor in place of operational creditor as it was designated at the start of resolution. The case is being heard at the principal bench of NCLT, New Delhi and we have requested that it should be heard on an urgent basis. However, construction work has not stopped, and after this first phase, the next round of construction will start. We are working on the modalities.”

The RP invoked Section 20 of the Insolvency and Bankruptcy Code to engage a contractor to complete seven of the 19 pending towers at Panache. The 7 towers have approximately 700 flats. The total pending flats at Panache were around 3,000.

The lawyer representing the Lotus Panache Welfare Association, Sahil Sethi, said, “IBC allows the IRP to run the company as an ongoing concern. Being a real estate company, running it as a concern means carrying on construction. Also, in this case, the RP has issued the work order after explicit voting and approval of the committee of creditors. It is good to see the buyers getting their flats.”

Amit Chauhan, president of the Lotus Panache Welfare Association (LPWA), a residents’ group which is facilitating the construction work, said, “The first phase of construction in the pool and build model required Rs 70 crore, which the buyers funded themselves. But the second phase will require around Rs 140 crore for which there may be a requirement for interim finance. The second phase will have 1,200 flats that are likely to be completed by the end of 2022.”

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Noida: 50-bed facility at Mahagun Moderne gets admin’s nod – ET RealEstate

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NOIDA: Mahagun Moderne Apartment Owners’ Association (AOA) on Tuesday said they have put together an infrastructure to create a 50 oxygen supported beds for residents of 7X sectors.

The AOA said they have finally received a written order from the Gautam Budh Nagar district magistrate Suhas LY, allowing them to use the clubhouse and the playschool for the Covid facility.

The AOA has procured beds, an oxygen plant and a compressor. Sixteen residents, who are doctors, have come forward to help them.

“We have received clearance from the pollution control department regarding the oxygen plant, which has been donated by a resident. The AOA has funded the compressor, which will arrive soon. The builder was reluctant to allow us to use the playschool to set up this facility but we finally got permission from the district magistrate today [Tuesday]. We want to set this up as soon as possible as we have 300 active cases in our society. So far, 17 residents have died due to Covid here,” said AOA of Mahagun Moderne president, Sandeep Chouhan, said.

He added that earlier when the builder did not allow them for the set up, “the beds had got drenched and the builder set up bouncers to prevent us from setting up the facility”.

Residents in various apartments have come forward to create their own isolation beds along with oxygen support.

“So far we have refilled 182 cylinders that are catering to 50 high-rise apartments in Noida Extension. Some apartments like Gaur Sundaryam, Ace City, Arihant Ambar, Victory One Amara, pristine Avenue, Supertech Ecovillage – I, Supertech Ecovillage-II and Panchsheel Greens have created isolation beds with oxygen support, each has around 4-8 beds, so we are supporting all with oxygen procurement,” Manish Kumar of Noida Extension Flat Owners’ Welfare Association (Nefowa) said.

In Sector 10’s Lotus Panache, Noida, the AOA created a team to fight Covid and support patients in home isolation with medical care, food and oxygen.

“We had initially tried to create an isolation ward but later decided to take help to the houses of the patients. It is a mobile service of oxygen, medicine, and food support and we have paramedics to help,” Amit Chauhan, president, Lotus Panache Welfare Association (LPWA) said.

In the older sectors of Noida, the resident welfare associations are opening more and more isolation wards. The Sector 19 RWA on Tuesday inaugurated a 10-bed ‘isolation camp’ with 10-oxygen-cylinder support for the residents.

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About 3,500 Lotus Panache & Boulevard buyers vote to select firm for completing flats – ET RealEstate

NOIDA: Around 3,500 buyers of Lotus Panache and Lotus Boulevard — two projects of Granite Gate, which is facing insolvency proceedings —on Sunday started the voting process to select an agency for completing the flats.

Chandra Prakash, the interim resolution professional appointed by NCLT, had on July 6 shortlisted three developers — SMV-Jaipuria, Purvanchal and UVARC — after their applications were examined by the committee of creditors.

According to preliminary scores awarded by the committee against 100, Jaipuria bagged 61, UVARC 46 and Purvanchal 19. Some of the conditions that were weighed include upfront cash infusion, completion deadline, additional charges, delayed compensation and so on.

SMV-Jaipuria, despite having the lowest net worth of the three developers, scored the highest for promising a delayed penalty should they overshoot the completion deadline, not charge anything beyond the builder-buyer agreement and promising a 90% payback recovered from an avoidance application as demanded by the IRP from proceeds of undervalued properties.

“The voting process has begun and we expect the results soon. Things are slowly falling into place for buyers who have been waiting for their flats for years,” said Sahil Sethi, a lawyer representing a group of buyers.

The voting process, which started at 5pm on Sunday, will continue for 72 hours. At least 50% of the buyers’ votes would be considered for selecting the final agency.

“We held a two-hour discussion with the buyers on our Facebook group and discussed each company in detail. At this point, we are more concerned with the completion deadline than anything else,” said Amit Chauhan, president of the Lotus Panache Welfare Association.

Of the 4,200 total flats in Lotus Panache, only 1,200 have been delivered so far. Lotus Boulevard has 3,500 flats across 30 towers, of which 500 flats in three towers are left to be delivered. Only buyers whose flats are incomplete are participating in the voting process.

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