Ambuja Revives Stalled Usshar Project: A Beacon for Kolkata's Real Estate

The NCLT has approved Ambuja Neotia's plan to revive the stalled Usshar residential project in Batanagar, Kolkata. The move marks a significant step in resolving the financial woes of Riverbank Developers and brings relief to homebuyers. The resolution focuses on transparent and responsible completion of the project.

The National Company Law Tribunal (NCLT) has given the green light to Ambuja Housing and Urban Infrastructure Company Ltd (AHUICL) for its resolution plan to take over and complete the Usshar residential project in Batanagar near Kolkata. This decision is seen as a major breakthrough by the tribunal's Kolkata bench, marking significant progress for the debt-laden Riverbank Developers Private Ltd, the original promoter of the extensive Calcutta Riverside township.

The long-stalled Usshar project had left hundreds of homebuyers in a state of uncertainty due to halted construction. Ambuja Neotia, which previously offered management consultancy for the project, has now taken full reins to ensure its completion and deliver homes to buyers. Under the approved plan, AHUICL, a subsidiary of the Ambuja Neotia Group, will acquire the 9.4-acre parcel specific to the Usshar project, with a payment of Rs 34 crore, isolating it from other financial liabilities of Riverbank Developers, who entered the Corporate Insolvency Resolution Process (CIRP) after bank loan defaults.

Ambuja Neotia Group Chairman Harshavardhan Neotia stated that the tribunal's approval provides much-needed clarity and stability for the Usshar project, which had faced prolonged instability. The company aims to responsibly revive the project, with particular attention to transparency and stakeholder care, especially for homebuyers. Focus will now shift to ensuring compliance with the West Bengal Real Estate Regulatory Authority and establishing a clear execution timeline. This 'parcel-wise' resolution is a landmark strategy in the regional real estate sector, allowing for project movement toward completion without the legal and financial complexities of the entire 262-acre site.

(With inputs from agencies.)