- Post-acquisition of Nivas Promoters, Renox Group settled claims of the allottes of the group’s project.
- Renox Group fully settled dues of development authorities and financial institutions.
- Renox Group withdraw the registration of old project in RERA and secured new registration of Renox Thrive.
Greater Noida, May 24, 2025: Prominent name in the real estate sector, Renox Group has completed acquisition of Nivas Promoters. The group is investing Rs. 300 Cr. on the land parcel of the erstwhile promoter, 3.30 acres, situated in sector 10, Gr. Noida West to develop Renox Thrive, a new and luxurious group housing project. Renox Group has already liquidated the project related liabilities of Nivas Promoters, the previous owners of the plot, by fulfilled the terms and conditions of the competent institutions.
According to Shailendra Sharma, Chairman of the Renox Group, “We have completed the acquisition of Nivas Promoters by paying all the liabilities of the development authority, financial institutions and former allottees.”
In this way, Renox Group successfully protected the interests of all the stakeholders of the real estate sector before development of the project. The old allottees of the project, who were stuck for about 12 years, got their stuck investment so that they could use their money as per their wish. The claims of financial institutions were paid which reduced the NPA (Non- Performing Assets).
He added further that the approval of new maps and layouts was obtained by paying the dues to the development authority. Finally, by getting the liabilities and claims resolved and payments verified in UP RERA, the registration of the old project was being cancelled and secured the registration of the new project, Renox Thrive, having state-of-the-art amenities and future ready residential project.
“Initially, we have invested Rs. 120 crore in Renox Thrive, which includes complete demolition of the decade old construction and commencement of the new construction as per the new approved plan. The remaining investment will be raised by the institution itself and through sale. Even after permissible FAR of 3.5, the project will have only 25-floors to keep it limited density project. We are providing more than 2 dozen world class facilities keeping in mind the preferences of all age groups, especially the youth.” Shailendra Sharma further added.
In terms of location, Renox Thrive is connected with 130 meter road of Noida Extension in sector 10 which is known as Rajesh Pilot chowk. The plot of the project is 3-sided open which is surrounded by 24 meter roads from two sides and a park from third side. On the other side of the roads, there is an authority park and a row of G+4 houses, due to which the project is completely open. These towers being developed on stilt base with G+25 floor in which double basement parking will be available so that covered parking can be provided for all the units. The project has 4 towers in which units of 3 and 4 BHK will be constructed and each floor will have only 4 units.
To make its mark in Gr Noida West/ Noida Extension, Renox Thrive is being developed on the basis of Mi-One or Aluminum Shuttering to provide world class quality in construction. The project is designed 100% Vaastu compliant so that all the residents get a feeling of happiness, prosperity, peace and enjoy an ever green life. As per IGBC standards, the project has been provided abundant greenery, open areas, rain water harvesting, sewer treatment facility, theme parks, and equipped with ultra-modern gym, multi-purpose indoor and outdoor sports venues, open theatre, yoga and meditation venues and jogging tracks so that the residents could upgrade their lifestyle without any compromise.
Keeping in mind the diversity and convenience of the residents, the project will be provided with high quality and efficient lifts, huge club, banquet hall, separate swimming pools for adults and children, 24×7 power back up, multi-level security system, commercial plaza, double height lobby area for visitors, units with 12 feet ceiling, large sliding doors for natural air and light in the units, electrical equipment, pipes, fittings, fixtures and other products as per ISI standards. Loan facility is being provided in the project from banks like Indian Bank, Canara Bank, Punjab and Sindh Bank, UCO Bank and HDFC. The RERA registration number of Renox Thrive is UPRERAPRJ742692/09/2024 and its completion date is April 2029. Complete information about the project can be seen on the RERA portal – www.up-rera.in.
Apart from Renox Thrive in Greater Noida West, Renox Group, which has been in the real estate sector for a decade, is also developing Navrang Square Mall on the city’s busiest GT Karnal Road in Ghaziabad, which will have facilities like retail, commercial, multiplex, food court, gaming zone, etc. Apart from this, the group has already delivered 4 real estate projects, including Lotus Shristi – Crossing Republic, Lotus Park and Lotus Villa – residential projects in Greater Noida and Avantika Retail Street – commercial project in Ghaziabad.
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