Saare Homes

EXECUTIVE SUMMARY

Saare Homes is no longer active as the original independent developer brand in Gurugram. Its Sector 92 township was developed through Sare Gurugram Private Limited, formerly Ramprastha Sare Realty Private Limited, which entered the corporate insolvency resolution process in March 2021. The National Company Law Tribunal approved a resolution plan in April 2023 submitted by a consortium of KGK Realty (India) Private Limited and Dhoot Infrastructure Projects Limited.

The project is now being revived and repositioned as Rising Homes under new management. Haryana RERA continues to identify Sare Gurugram Private Limited as the promoter for registered phases, while the resolution applicants manage completion. Buyers must distinguish legacy Saare Homes obligations from the current revival platform and verify how their unit is treated under the approved resolution plan.

KEY PERFORMANCE METRICS

• Original project: Saare Homes, now Rising Homes, Sector 92, Gurugram

• Licensed township area: About 48.818 acres

• Original planned apartments: 2,613, including 462 EWS units

• Insolvency admission: 9 March 2021

• Resolution plan approval: 24 April 2023

• Successful resolution applicants: KGK Realty (India) Private Limited and Dhoot Infrastructure Projects Limited

• Phase III Part 2 registration: RERA-GRG-1337-2023

• Registered phase area: About 10.55 acres

• Registered towers: T6 to T12 and T14

• Reported possessions after revival: Around 515, according to the current project website

IMPORTANT CAVEAT

Saare Homes should not be evaluated as a conventional active developer launching new projects under its original ownership. Sare Gurugram Private Limited passed through insolvency, and control shifted under an NCLT-approved resolution plan. Existing allottees, new purchasers and secondary-market buyers may have different legal and financial positions. Every buyer should confirm claim admission, unit mapping, revised milestones, dues and possession obligations in writing.

COMPANY OVERVIEW AND CORPORATE STRUCTURE

The original Saare Homes development in Sector 92 formed part of a licensed group housing colony developed by Sare Gurugram Private Limited. Historical documents also refer to Ramprastha Sare Realty Private Limited and S.A. Infracon Private Limited as license holder or collaborating parties. The current revival is associated with the KGK-Dhoot consortium and marketed as Rising Homes.

SISTER COMPANIES AND GROUP ENTITIES

Relevant entities include Sare Gurugram Private Limited, S.A. Infracon Private Limited, KGK Realty (India) Private Limited, Dhoot Infrastructure Projects Limited and the Eka Life-led operating platform referenced by the revival website. Buyers should not assume that one entity guarantees another's obligations unless the resolution plan or executed contract expressly says so.

LEADERSHIP AND MANAGEMENT

The original promoter's management ceased to control the project during insolvency. The resolution plan transferred management to the successful applicants. Rising Homes presents Eka Life, led by Ajay Munot, alongside KGK and Dhoot participation as the team responsible for revival and delivery. Current authority and signatory details should be checked in the latest RERA filings.

PROJECT PORTFOLIO ANALYSIS

This profile is principally a single large township rather than a diversified current developer portfolio. The Sector 92 scheme was divided into several phases and towers, creating different registration histories, completion stages and buyer positions within the same site.

A. DELIVERED / OPERATIONAL LANDMARKS

Earlier phases contain occupied and handed-over apartments. The current Rising Homes website states that the revival team has facilitated approximately 515 possessions. Buyers should verify occupation certificates, common-area completion and maintenance arrangements for the exact block, not rely on an aggregate possession figure.

B. KEY ONGOING AND RECENTLY LAUNCHED PROJECTS

Phase III Part 2 covers towers T6, T7, T8, T9, T10, T11, T12 and T14 in Sector 92. Haryana RERA approved registration GGM/766/498/2023/110 in December 2023. The registration was pursued during the insolvency and resolution transition to enable completion of the remaining township.

C. PIPELINE

The practical pipeline is completion, regularisation and handover of unfinished towers within the existing Sector 92 development. Newer branding such as Rising Homes and Altis at DXP 92 reflects repositioning of the same larger licensed colony rather than a simple continuation of the original Saare Homes brand.

FINANCIAL ANALYSIS

Sare Gurugram's financial history is dominated by insolvency. The NCLT-approved resolution plan governs treatment of creditor and allottee claims, funding and delivery obligations. Public brand-level revenue, cash and debt figures are not a reliable basis for evaluating a purchase. Project accounts, approved claims and resolution-plan milestones are more relevant.

CREDIT RATING AND LIQUIDITY

A conventional current credit rating for Saare Homes is not the central indicator after insolvency resolution. Liquidity depends on capital committed under the resolution plan, receivables from allottees, project sales and construction funding. Buyers should request evidence of funded construction schedules and escrow discipline.

MARKET POSITION AND COMPETITIVE ANALYSIS

Sector 92 benefits from New Gurugram connectivity and access to the Dwarka Expressway and Pataudi Road corridors. The project may offer relatively established infrastructure and resale inventory, but it competes against newer developments with cleaner delivery histories. Pricing should reflect legal, execution and maintenance risks.

REGULATORY COMPLIANCE AND LEGAL STATUS

Sare Gurugram Private Limited entered CIRP in 2021. The NCLT approved the KGK-Dhoot resolution plan on 24 April 2023, and Haryana RERA later registered Phase III Part 2. RERA records also note that the change in management does not remove the promoter's obligations under the Real Estate Act.

CUSTOMER PERSPECTIVE

Existing allottees experienced prolonged delays, incomplete infrastructure and insolvency uncertainty. The revival and reported possessions are positive developments, but customer outcomes can vary by tower and claim status. Physical inspection and written confirmation from the authorised project team are essential.

RISK ASSESSMENT

This is a distressed-project revival with meaningful legal and execution complexity. The principal question is whether the new management can complete all remaining obligations within the regulatory and resolution framework.

A. OPERATIONAL RISKS

• Completing multiple unfinished towers and shared infrastructure

• Coordinating old contractors, records and approvals

• Managing occupied areas alongside active construction

• Delivering amenities and services across the full township

B. FINANCIAL RISKS

• Dependence on resolution-plan funding and balance collections

• Disputes over legacy dues and revised payment demands

• Potential cost escalation from prolonged construction

• Limited visibility into phase-level cash flow

C. LEGAL AND GOVERNANCE RISKS

• Different roles for license holders, promoter and resolution applicants

• Claim-admission disputes for legacy allottees

• Appeals or litigation connected with the resolution process

• Need to reconcile RERA obligations with insolvency-plan terms

BEST PRACTICE FOR BUYERS

Obtain the latest RERA certificate, NCLT resolution-plan treatment relevant to the unit, sanctioned plan, occupation status, statement of dues and possession schedule. Confirm that the seller has clear title and that all project and maintenance charges are documented. Use a lawyer experienced in both RERA and insolvency matters.

FUTURE OUTLOOK AND STRATEGIC DIRECTION

The future of the development depends on timely completion under the Rising Homes platform. Successful delivery of remaining towers and common facilities could stabilise the community and improve resale confidence. Further delay or dispute would continue to weigh on buyer sentiment.

INVESTMENT AND BUYER THESIS

The project offers a large established township in a growing Gurugram corridor, potentially at pricing below newer launches. That opportunity must be balanced against insolvency history, phase-specific status and the need for unusually detailed legal verification.

A. STRENGTHS

• Large licensed township in Sector 92

• NCLT-approved resolution plan and new management

• Reported resumption of delivery and possessions

• Existing residents and partially developed infrastructure

B. CONCERNS

• Long history of delay and financial distress

• Original brand is no longer independently active

• Complex entity and claim structure

• Completion quality and common facilities require verification

C. OPPORTUNITIES

• Value recovery if remaining towers are completed

• Improved connectivity in New Gurugram

• Potential pricing discount for informed buyers

• New management can rebuild confidence through execution

D. WATCHPOINTS

Monitor tower-wise construction, occupation certificates, delivery against the resolution plan, treatment of old allottee claims, escrow disclosures and the legal status of any new sale agreement. Confirm whether marketing under Rising Homes matches the registered promoter and authorised signatory.

CONCLUSION

Saare Homes is best understood as a legacy Gurugram township undergoing revival, not as an ordinary active developer profile. The NCLT-approved takeover and renewed construction provide a path to completion, but the insolvency history makes project-specific legal and financial due diligence indispensable.

DISCLAIMER

This report is based on publicly available information only. It is intended for due-diligence and research purposes, not investment advice. All financial metrics, project statuses, legal proceedings, and regulatory information are point-in-time and may change. Buyers and investors should independently verify all information from official RERA portals, company filings, court records, rating reports, and legal advisors before making any decision.