Ansal Sushant Serene Residency ETA II Greater Noida, Greater Noida

Ansal API launched a new residential tower at Sushant Serene Residency in Greater Noida, following positive responses to previously launched towers. The new Tower - T4 D, which comprises 2BHK and 2BHK+servant apartments, opened for booking on September 22, 2012. The Sushant Serene Residency project, located in ETA-II Sector, is near Wipro, LG, Moser Baer & Honda and close to a proposed metro station.

ANSAL PROPERTIES & INFRASTRUCTURE LIMITED officially launched SUSHANT SERENE RESIDENCY PH1 T7B1 & T6D on 29-Nov-2012 and is expected to be completed by 30-Sep-2019. Registered under RERA No. UPRERAPRJ8859, the project comprises 2 towers and offers 299 residential units, including OTHER, STUDIO, 1 BHK, 2 BHK, with unit sizes ranging from 334 to 840 Square feet across a total area of 1.75 Acre.

Ansal API Sushant Serene Residency in Eta 2, Greater Noida, is presented as a new address for homebuyers, with a virtual walkthrough available. The project offers luxury apartments ranging from 550 sq ft to 1875 sq ft.

NDTV reported that thousands of Ansal API home buyers are in distress due to over 27 unfinished projects, with delays averaging 3 to 4 years. Buyers of Ansal API projects have protested, seeking their promised homes, with some having invested 50% to 90% of the project cost. Ansal API has over 27 projects in areas including Mohali, Gurgaon, Greater Noida, and Lucknow facing delays.

Homebuyers of over 15 group housing projects in Greater Noida and Noida Extension protested on December 25, 2022, at Ek Murti Chowk in Greater Noida, demanding the handover of their flats and completion of the stalled registration process. The primary reason for the protest is the stalled registration process due to developers failing to pay land dues to the development authority.

The bankruptcy court in New Delhi admitted the case of the Serene Residency Group Housing Project in Sector ETA II after a default on dues of approximately Rs 257 crore. The real estate entity, a subsidiary of Ansal Properties and Infrastructure Ltd, had borrowed ₹150 crore in September 2013 to finance the project. The NCLT has initiated the Corporate Insolvency Resolution Process (CIRP) and has restrained all parties from transferring or disposing of any company assets linked to the Serene Project.

The National Company Law Tribunal (NCLT) accepted an insolvency resolution application filed by Indian Bank against Serene Residency Group (a subsidiary of Ansal Properties and Infrastructure) Housing Project at Sector ETA II after it defaulted on dues worth ₹257 crore. Navneet Kumar Gupta was appointed as the interim resolution professional (IRP) for the case. The infra-developer borrowed about ₹150 crore in September 2013 from a state-owned lender to finance its Serene Residency Group Housing Project in Greater Noida.

UP RERA imposed a fine of ₹14.4 crore on Ansal API for selling 329 flats in a high-tech township located in Golf City without registration. A show-cause notice was issued to the company, and a 30-day period was given to pay the fine.

The National Company Law Tribunal (NCLT) approved a resolution plan for Ansal Properties & Infrastructure's Serene Residency Group Housing Project in Greater Noida, with Apex Heights Private Limited as the successful applicant. The plan allocates Rs. 102 crores to secured financial creditors and Rs. 9.95 crores to GNIDA, representing 34.96% and 34.95% of admitted claims, respectively. Project completion is projected to take between 6 to 33 months for different towers, and existing allottees will face escalation charges of Rs. 250-350 per sq ft.