UK’s Malhotra Group secures 300 acres in Ludhiana via NCLT, signalling dynamic expansion and strategic investment in India’s landscape.
In a remarkable move that promises a fresh chapter for Ludhiana, UK’s Malhotra Group PLC, known for its ventures in property, care homes, and leisure, has taken a giant stride by acquiring a 300-acre project in Punjab for approximately Rs. 150 crore.
Emerald Lands (India) Private Limited’s stagnant project found a saviour in Malhotra Group PLC. The National Company Law Tribunal (NCLT) gave a resounding nod to Malhotra’s resolution plan after a thumbs-up from the committee of creditors, breathing new life into the venture.
Buoyed by a visionary outlook, Malhotra Group PLC is set to infuse substantial foreign direct investment (FDI), ranging from Rs. 1,200 to 1,500 crore, to transform the landscape. The expansive development includes a splendid array of offerings – a hotel, health farm, school, golf course, villas, and apartments, shaping a vibrant and all-encompassing township.
For founder and chairman Meenu Malhotra, this marks a significant homecoming, propelled by a desire to reinvigorate and revitalise their roots. The commitment to expand its real estate influence in India stems from its thriving operations in the UK.
With this transformational endeavour, about 270 homebuyers, who had cast their aspirations nearly a decade ago, can finally see their dreams take shape. The long-anticipated delivery, now under the aegis of the new developer, infuses a renewed sense of hope and enthusiasm.
The NCLT order underscores Malhotra Group PLC’s stature as a public limited company established under the esteemed Companies Act, 2006 in England. The blueprint spells out the swift and efficient completion of all allotted units for homebuyers within 6-12 months from the license renewal date.
A progressive stance reveals a provision for refunds, extending up to approximately Rs. 31.58 crores, for homeowners who opt for an exit, valuing cash recovery over a completed unit. Besides catering to financial creditors, the company has earmarked Rs. 80 crore in tranches for Phase I completion and Rs. 65 crores for the Golf Course, Club House, and Community Centre.
As the project unfolds, the vibrant future unfurls with a five-star hotel, retail space, and an 18-hole championship golf course designed by Nicklaus Design, the esteemed Jack Nicklaus company. Furthermore, a remarkable mixed-use project spanning 2 million sq ft is poised to grace Ludhiana, encompassing a mall, group housing, and a hotel, fueling a massive investment of Rs. 1,000 crores.
The Malhotra Group is also crafting a boutique high-street retail project dedicated to luxury brands, with metropolitan cities looming as the next horizon. Seizing opportunities, embracing expansion, and fostering innovation, Malhotra Group PLC’s resolute march paves the way for a transformative era, rendering Ludhiana a canvas of progress, prosperity, and limitless possibilities.