RG Group raises Rs 175 crore
Delhi based realty company RG Group has raised 170 crore from a private equity firm. The funds would be utilised in residential project of the group located in Noida, sector 120.
The company is currently developing two residential projects in Noida and Greater Noida West, respectively.
The current accrual of 170 crore will help the group complete the pending works at their Noida project. A part of the disbursed amount will be utilised in clearing off the dues of Noida authority and obtain No Dues certificate.
Under the recent reschedullement process initiated by Noida authority RG Group plans to pay off 25% of its dues and rest would be paid by regular installments until 2020-21. This will help the buyers immensely as the registry of their homes would start very soon.
“We have raised 170 crore from a private equity firm and plans to utilise the funds in our existing project. By clearing off the dues we become applicable for getting the registry process started. The funds would surely help us to fasten the pace of work” said Rajesh Goyal, Managing Director of RG Group.