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NOIDA: Greater Noida Industrial Development Authority (GNIDA) has hired Currie and Brown to assess defaulting builders as it starts withdrawing benefits from defaulters of the stalled project policy. The measure is aimed at reviving stalled real estate projects, recovering Rs 1,382 crore of Rs 4,749 crore in dues. Despite challenges, 17,334 homes have been registered to date.Last month, the GNIDA board decided to withdraw all benefits under the state’s stalled project policy from projects whose developers neither paid dues nor came forward to avail the scheme.
Of the 98 projects identified under the policy to revive outdated stalled real estate projects by December 2023, 13 with all dues paid were given a period of three years to complete construction, while 85 were issued notices for 25% of the net dues.
In more than 50% of projects, recovery has been frozen due to judicial suspensions. Of the total dues, Rs 865 crore relates to additional compensation to farmers, the recovery of which is currently stayed by the Allahabad High Court. Excluding this deferred portion, GNIDA estimates that Rs 2,502 crore can be recovered.
GNIDA ACEO Saumya Srivastava said the 98 projects fall into four clear groups based on their payment status and legal position: fully paid projects, partially paid projects above 25%, projects where only 25% has been paid, and projects without any payment.
The first group includes 13 projects that deposited 100% of their dues (Rs 175 crore) before the policy and got an extension of zero period of three years, and 21 projects (Rs 756 crore) where developers paid premiums and lease rental (Rs 221 crore), with only an additional compensation of Rs 549 crore under court dispute.
“In these projects, government contributions have almost been realised. The issue of additional compensation is sub judice. Here the emphasis is on completion and delivery,” Srivastava said. These projects are currently undergoing physical assessment through ground and drone surveys carried out by Currie and Brown to evaluate construction progress and ongoing works.
In the second group, 22 project developers paid the mandatory 25% in advance and also made partial payments for the remaining 75%. Of the Rs 960 crore dues in this category, Rs 482 crore has been recovered. Nearly Rs 300 crore of this balance is owed by two major projects: AIMS Golf Town Developers and SJP Infracon. The former is responsible for the largest unpaid amount and has paid only Rs 64 crore of the Rs 233 crore in dues. Meanwhile, SJP has paid Rs 38.5 crore of its Rs 153 crore dues. These developers received several reminders between May 2024 and June 2025.
Sixteen of these projects, including AIMS Golf Town and SJP Infracon, have been hit with a court suspension order, preventing the Authority from taking any enforcement action. GNIDA plans one-on-one meetings with the developers to negotiate remediation in these cases.
In the third group, sixteen projects deposited only the initial 25% and failed to pay the balance within the deadline. The total contribution post-Covid benefits for these projects is Rs 987 crore, of which the developers have collectively deposited Rs 230 crore so far.
GNIDA has already issued rehabilitation certificates (RCs) in three cases, including projects by Earthcon Construction, DAR Housing and Ideal Realty Solutions. Twelve of the sixteen projects are currently protected by stay orders from the Allahabad High Court, largely in cases related to additional compensation.
In this category, Patel Advance JV’s project in Techzone-IV is a special case as dues are yet to be finalized due to pending litigation regarding zero period benefit and additional compensation. The project has incurred an preliminary net cost of Rs 301 crore, of which Rs 74 crore has been paid, but the rehabilitation action has been stayed until the liabilities are formally determined by the competent authority.
GNIDA has ordered site-level verification of these projects to determine the reasons for the delay, the scale of construction, the creation of third-party rights and the buyer’s impact. “We need a proper assessment before deciding on the next course of action,” Srivastava said, adding that CEO-level meetings will follow once the consultant’s report is submitted.
Finally, thirteen projects in the fourth category have not even deposited the initial 25% required by the policy. The total net contributions post-Covid benefits for these projects total Rs 1,180 crore. Only Rs 3 crore has been received so far, largely through isolated interim payments. Of these, five projects are protected by Supreme Court orders restricting coercive measures.
In view of legal constraints, GNIDA has sought legal advice from Additional Solicitor General Manish Goyal, based on which it has been proposed to file modification or clarification petitions in the Supreme Court seeking permission to recover the premium, rental rent and time extension compensation even if recovery of additional compensation remains deferred. Once approved, the GNIDA Legal Department has been instructed to initiate the procedure.
The Authority also assessed projects where developers deposited only the first 25% but did not make any payment for the remaining 75%. In many such cases, units were sold before the policy was notified, giving rise to third party rights. It has proposed issuing final notices to these developers. If this is not done, all policy benefits will be withdrawn and coercive measures will be taken.
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