UK based Malhotra Group has obtained a 300-acre property in Ludhiana via NCLT

Malhotra Group PLC, a UK-based company with diverse business interests encompassing property, care homes, and leisure sectors across the UK, has successfully acquired a stalled project in Ludhiana, Punjab. The acquisition, valued at approximately Rs 150 crore, pertains to a 300-acre project led by Emerald Lands (India) Private Limited. The resolution plan put forth by Malhotra Group PLC received approval from the National Company Law Tribunal (NCLT) after gaining favourable votes from the committee of creditors.

A significant boost in investment is set to revitalize a stalled project in Ludhiana, Punjab, as the UK-based Malhotra Group PLC embarks on a journey to inject approximately Rs 1,200-1,500 crore through foreign direct investment (FDI). The rejuvenated township is envisioned to encompass an array of amenities, including a hotel, health farm, school, and golf course, as well as villas and apartments.

Founder and Chairman of the company, Meenu Malhotra, expressed their intent to expand their real estate influence in India following their successful track record in the UK. The project's revival is expected to benefit around 270 homebuyers who have been waiting for over a decade to see their homes come to fruition.

The National Company Law Tribunal's (NCLT) order mandates the completion of construction for all allocated units to homebuyers within 6-12 months from the license renewal date. Additionally, a provision for refunds of up to Rs 31.58 crore is in place for homeowners who opt for a cash recovery rather than a completed unit.

In alignment with the resolution plan, Malhotra Group PLC plans to inject Rs 80 crore in tranches for the completion of Phase I of the project. A further Rs 65 crore will be infused for the development of the Golf Course, Club House, and Community Centre. A future highlight of the development is the inclusion of a five-star hotel, a retail area, and an 18-hole championship golf course designed by Nicklaus Design, a company founded by Jack Nicklaus.

Furthering their commitment to the region's development, Malhotra Group PLC is simultaneously working on a mixed-use project spanning 2 million sq ft in Ludhiana. This venture encompasses a 3 lakh sq ft mall, group housing, and a hotel, with an investment of about Rs 1,000 crore.

With its sights set on metro cities, the company aspires to extend their presence in the real estate market by exploring commercial and residential asset acquisition opportunities. The infusion of investment and expertise by Malhotra Group PLC promises to reshape the real estate landscape in Ludhiana and beyond, ushering in a new era of development and prosperity.

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UK based Malhotra Group has obtained a 300-acre property in Ludhiana via NCLT

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