RG Group, which is a real estate company based in Delhi, has raised an amount of up to Rs.170 crore from an equity firm. The raised funds will be used in a residential project by the group which will be developed in sector 120, Noida.
Presently, two projects are being developed in in Greater Noida and Noida respectively, by the RG Group.
The amount of Rs.170 crore which the group has raised from an equity firm will help them in completing the delayed work at the residential project in Noida. Also, a portion of the amount will be used in paying the outstanding the dues to the Noida Authority to receive the No Dues Certificate.
Noida authority has executed the reschedulement policy and under this policy, RG Group is planning to clear 25% of its outstanding dues, while the remaining would be paid in regular installments. Once the group will clear off the dues, they will be eligible for starting the process of registry. The homebuyers will also benefit from this move.