Three years ago, a remarkable journey began with a shared vision: to address the plight of 270 homebuyers awaiting their dream homes. I was also elected and appointed as the authorised representative of all Homebuyers, and gave me one of the three seats with voting rights to keep the corporate debtor solvent. Each of us contributed our unique strengths, embarking on a challenging yet rewarding path. My dual role as a Homebuyer and real estate advisor added a coincidental layer that enriched our approach, resolutions, and implementation.
The teams dedication and the heartwarming support from homebuyers, spanning not only Ludhiana but also various parts of India and even different countries, provided unwavering motivation throughout. This journey transcended bricks and mortar; it was about fulfilling dreams. Our collective efforts yielded an unprecedented outcome.
The resolution plan we implemented stands as Punjab’s first of its kind, a proud milestone for the entire region. This monumental achievement was possible due to the synergy of individuals and organizations sharing a common vision. Mr. Meenu Malhotra, Chairman of Malhotra Group PLC from the UK, a visionary Punjabi with an unyielding commitment, orchestrated this success, steering through the complexities of real estate insolvency.
My gratitude extends to my Partner and Co-Founder Rizin Advisory – Kapil Sabharwal; a dear friend and mentor – (Late) Ravi Khanna; 2 homebuyers, private bankers and high IQ supporters Vishal Bhadani and Brijesh Dheman; ex-employer CBRE which honed my capital markets skills; an ex-colleague with expertise in IBC – Sajit Randhawa; Jatinderpal Singh Bhathal for constant support; another well-wisher, always willing to brainstorm – Hemant Chadha; advising partner to the Resolution Applicant – Anshul Jain from PwC; and Mr. Navneet Gupta, the IRP and later IA who managed the entire CIRP process.
This journey imparted invaluable lessons about perseverance, collaboration, and driving positive change. It’s an honour to have been part of this transformative experience, and we eagerly anticipate continuing efforts from all to shape a brighter future for the real estate industry and all stakeholders.
Kshitij Jain
Co-Founder, Rizin Advisory Pvt. Ltd.
Co-Founder, Foreo Advisory LLP
Disclaimer: Our involvement in this success story wasn’t of a professional nature, but a voluntary effort for our social responsibility and guided by every individual’s expertise, knowledge and their respective skillsets.
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A delayed project in Punjab’s Ludhiana was purchased by Malhotra Group PLC, a UK-based company with business interests in real estate, care homes, and leisure around the UK, for about Rs 150 crore.
The National Company Law Tribunal (NCLT) has accepted the resolution plan of Malhotra Group PLC after the committee of creditors voted in favor of it with regard to the 300-acre project by Emerald Lands (India) Private Limited.
The township, which will be developed by the corporation and comprise a hotel, health farm, school, golf course, villas, and flats, will cost between Rs 1,200 and Rs 1,500 crore in FDI.
We had been operating in a similar manner in the UK, so when the chance arose to restart a stalled project in our hometown, we decided to submit a bid. We will increase our real estate presence in India and acquire other projects now that we have been given the project, according to Meenu Malhotra, the company’s founder and chairman.
A total of 270 homeowners who had reserved the property roughly ten years prior will also profit from the decree.
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North East property company Malhotra Group PLC has expanded its operations in India after buying a golf course which is set to be the focal point of multimillion-pound plans to create housing, retail and leisure development in the Punjab.
Meenu Malhotra, the founder of the Newcastle care, leisure and property group, first unveiled plans for ambitious £150m schemes in his Indian hometown of Ludhiana, Punjab, in 2021, which would deliver housing, retail and leisure developments.
He has long held ambitions to create a development in his home country on a 12-15 acre site he has owned for a number of years, with plans being fleshed out for a golfing destination as well as a city centre project. Now the company has announced it has successfully completed the purchase of The Imperial Golf Estate in Ludhiana at the heart of the plans, following four years of negotiations.
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Newcastle-headquartered Malhotra Group has made a significant step forward with its international expansion plans, after snapping up a golf estate in India, which is set to be transformed into a multimillion-pound scheme.
Malhotra Realty Private Ltd India has completed the purchase of The Imperial Golf Estate in Ludhiana, Punjab, which will become home to a mixed-use development including more than 700 villas and apartments and an upscale shopping mall.
Plans for the 18-hole golf course, which was designed by Jack Nicklaus company Nicklaus Design, were halted in 2019 after the previous owners ran into financial difficulty.
The family-run firm will now press ahead with the plans which also include spa facilities, a five-star hotel, an international school and places of worship.
Chairman Meenu Malhotra, who hails from the town of Ludhiana, said: “This project will not only create opportunities for local people but also provide world class facilities, enhancing the reputation of the already affluent town of Ludhiana and placing it on the world map.
“We have been working for the past four years on bringing this project together which was held up because of legal hurdles. We would like to thank our advisor, Anshul Jain of PwC New Dehli who assisted us through the regulatory processes.”
Malhotra added: “We are proud to invest in India to be part of that growth story and will continue to invest in India to assist in making this vision a reality. We expect to announce further developments in due course.”
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North East property company Malhotra Group PLC has expanded its operations in India after buying a golf course which is set to be the focal point of multimillion-pound plans to create housing, retail and leisure development in the Punjab.
Meenu Malhotra, the founder of the Newcastle care, leisure and property group, first unveiled plans for ambitious £150m schemes in his Indian hometown of Ludhiana, Punjab, in 2021, which would deliver housing, retail and leisure developments.
He has long held ambitions to create a development in his home country on a 12-15 acre site he has owned for a number of years, with plans being fleshed out for a golfing destination as well as a city centre project. Now the company has announced it has successfully completed the purchase of The Imperial Golf Estate in Ludhiana at the heart of the plans, following four years of negotiations.
The development, which includes an 18-hole championship golf course designed by Jack Nicklaus’ company Nicklaus Design, was halted in 2019 after the previous owners ran into financial difficulty. The scheme is back on track having been acquired by Malhotra Realty Private Ltd India (MRPL), a Malhotra family holding company.
Together with the championship golf course, the project will see the creation of more than 700 villas and apartments, a shopping mall with national and international designer outlets and fashionable food and beverage offerings. A health farm with spa facilities and a luxury five-star hotel will also be created with other partners.
An international school, junior and senior, in collaboration with educational institutions based in the UK is also planned, along with places of worship and a creche for residents and families. It hoped the first phase will be completed within two years.
Mr Malhotra said MRPL is confident the golf estate and its facilities will draw players and visitors from across the globe, as well as catering for increased interest in golf across India.
He said: “This project will not only create opportunities for local people but also provide world class facilities, enhancing the reputation of the already affluent town of Ludhiana and placing it on the world map. We have been working for the past four years on bringing this project together which was held up because of legal hurdles. I have always been a patriotic Indian, proud Punjabi and my home town of Ludhiana remains very close to my heart.”
The second project being driven by MRPL is The Wilton, a 2,000,000 sq ft city centre scheme consisting of a shopping mall, hotel, cinema complex and 600 homes in Ludhiana which is already under development. Mr Malhotra said the work marks part of a continuing commitment to the company’s overseas development plans.
He added: “We are global investors with a proven track record of development in the UK. We see India as a vibrant economy which we wish to invest in. India is the fastest growing economy in the world. The Government of India’s intention is to become the third largest economy in the world in the next decade by investing in infrastructure and housing, as well as other sectors.
“We are proud to invest in India to be part of that growth story and will continue to invest in India to assist in making this vision a reality. We expect to announce further developments in due course.”
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LEADING developer, Malhotra Group PLC, has announced is has successfully completed the purchase of The Imperial Golf Estate in Ludhiana, Punjab, India following four years of negotiations.
The development, which includes an 18-hole championship golf course designed by Jack Nicklaus company, Nicklaus Design, was halted in 2019 after the previous owners ran into financial difficulty.
The development is now firmly back on track having been acquired by Malhotra Realty Private Ltd India (MRPL), a Malhotra Family Holding Company.
The UK- based company, which has property, care home and leisure interests across the country, is headed by Chairman, Meenu Malhotra who has always wanted to create a legacy in his home town of Ludhiana, Punjab, India.
“This project will not only create opportunities for local people but also provide world class facilities, enhancing the reputation of the already affluent town of Ludhiana and placing it on the world map,” said Mr Malhotra.
Together with the championship golf course, the project will see the creation of more than 700 villas and apartments, an upscale shopping mall with national and international designer outlets and fashionable food and beverage offerings.
A destination health farm with spa facilities and a luxury five-star hotel will be created with other, yet to be announced, prestigious partners.
An international school (junior and senior) in collaboration with prominent educational institutions based in the United Kingdom is also planned, along with places of worship and a creche for residents and families.
The development is expected to draw travellers from throughout India, which will assist in creating local job opportunities and boost the economy for the state of Punjab.
MRPL is looking forward to working closely with administration officials in Ludhiana and the Punjab Government in laying the much-needed infrastructure to make this project successful.
It has already applied to have all the relevant licences and consents renewed so work can commence on site immediately, in anticipation that Phase 1 will be complete within two years.
“We have been working for the past four years on bringing this project together which was held up because of legal hurdles. We would like to thank our advisor, Anshul Jain of PwC New Dehli who assisted us through the regulatory processes,” added the CEO.
The company is in the process of recruiting an international architect, and the design and aesthetics will be led by the famous local architect Zafar Choudhry of Habitat Architects in Ludhiana.
With the new road infrastructure laid swiftly by the Government of India, Imperial Golf Estate will be serviced by four airports, including the new Ludhiana Airport, Chandigarh Airport, Amritsar Airport and New Delhi’s Indira Gandhi International Airport, with plans for a helipad in the future.
With the additional promise of high speed connectivity, MRPL is confident the golf estate and all the planned facilities will draw players and visitors from across the globe as well as catering for the increased interest in golf across India.
Mr Malhotra believes that “the project will make a huge positive economic impact on the area and create thousands of jobs for local people and companies,”
“I have always been a patriotic Indian, proud Punjabi and my home town of Ludhiana remains very close to my heart,” he added.
This is the second major project to be undertaken by MRPL. Last year it announced The Wilton, a major 2,000,000 sq ft city centre project, consisting of a shopping mall, hotel, cinema complex and 600 fashionable residencies off Canal Road, Ludhiana which is already under development.
Meenu sees this latest move as part of a continuing commitment to the company’s overseas development plans.
“We are global investors with a proven track record of development in the UK. We see India as a vibrant economy which we wish to invest in,” he said.
“India is the fastest growing economy in the world. The Government of India’s intention is to become the third largest economy in the world in the next decade by investing in infrastructure and housing, as well as other sectors.
“We are proud to invest in India to be part of that growth story and will continue to invest in India to assist in making this vision a reality. We expect to announce further developments in due course.”
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Malhotra Group, a UK-based corporation with commercial interests in property, care homes, and leisure throughout the UK, has purchased a stalled project in Ludhiana, Punjab, for approximately INR 150 crore.
The 300-acre Emerald Lands (India) project was subject to insolvency proceedings, and the National Company Law Tribunal (NCLT) endorsed the resolution plan of Malhotra Group after a committee of creditors voted in favour of it.
Through FDI, the corporation will invest between 1,200 and 1,500 crore in the development of the township.
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