News: Alpha Corp to Invest Rs 750 Crore in Stalled Earth Projects-06-05-2026

Alpha Corp Development Ltd will invest around Rs 750 crore over the next four years to complete three stalled projects in Greater Noida and Gurugram, a move expected to bring relief to nearly 3,000 homebuyers hit by decade-long delays, the real estate firm said.

The announcement follows a Supreme Court ruling on May 5 that restored the company’s resolution plan for three projects of the erstwhile Earth Infrastructure Ltd. The court set aside the January 31, 2023 order of the National Company Law Appellate Tribunal (NCLAT), which had rejected the plan. Alpha Corp had acquired the assets through the resolution process under the National Company Law Tribunal. The projects have been delayed since 2011.

The three are Earth TechOne and Earth Sapphire Court, both commercial developments in Greater Noida, and Earth Copia, a residential project in Gurgaon. The Gurugram housing project has 600 units, of which 450 are sold, and the two commercial projects together have a saleable area of about 40 lakh sq ft.

Santosh Agarwal, Executive Director and CFO, told reporters in the capital that the roughly Rs 750 crore would go towards completion, redevelopment, infrastructure upgrades and delivery. He projected revenue potential of around Rs 1,200 crore, including collections from customers and realisation from unsold units. He said the focus was on transparent execution, timely completion and restoring the trust of over 3,000 homebuyers and office-space buyers.

According to the company, the court upheld the revival framework of the Insolvency and Bankruptcy Code (IBC) and observed that further delay would seriously prejudice home and commercial-space buyers who had invested substantial sums. It also directed that the Greater Noida Industrial Development Authority (GNIDA) may recover only its principal dues, with penal interest, penal charges and time-extension penalties waived. Alpha is to clear these dues over 24 months without passing any burden to homebuyers, the company said. It described the judgment as a historic win for developer-led resolution under the IBC.

Sandeep Bhuraria, Senior Partner, Zeus Law Associates, who represented Alpha Corp assisted by associate Vatsala Pandey, said the ruling sets an important precedent for resolving stressed real estate assets across NCR.

The company said it is evaluating redevelopment and upgrades, including infrastructure, amenities and design modernisation. Execution schedules, customer engagement mechanisms and phased completion timelines will be communicated progressively.