NOIDA: Twenty-two real estate projects in the city owe the Noida Authority nearly Rs 5,560 crore in dues, leaving around 9,750 owners without clarity on when their flats can be registered. The Noida authority has issued notices, frozen records and initiated recovery steps including issuance of recovery certificates in coordination with the district administration.
Under the state’s rehabilitation policy, dues could have come down to Rs 4,260 crore if developers had paid the mandatory 25% upfront. Defaulting builders include those who paid partially after accepting the settlement, those who accepted but paid nothing, and those who did not accept the policy at all.
In the first category, twelve projects agreed to pay contributions in installments, but they only paid partially. This group includes some of Noida’s most prominent developers such as AIMS Max Gardenia, Sunshine Infrawell, Mahagun Real Estates, two projects under Prateek Realtors, Antriksh Developers and Promoters, Assotech Ltd, Assotech Contracts, Perfect Propbuild, Sethi Buildwell, GS Promoters and Sikka Infrastructure.
The cumulative dues for this group are Rs 3,379 crore. Had they opted for the state’s rehabilitation policy, the dues would have been Rs 2,432 crore. These projects jointly include 15,508 apartments, of which 4,379 are unregistered.
Among them, AIMS Max Gardenia owes over Rs 1,717 crore for its EcoCity project in Sector 75, where over 1,600 apartments have received occupancy certificates but around 365 are yet to be registered. Mahagun Real Estates (Sector 78) has dues of Rs 97 crore, while Prateek Realtors and Antriksh Developers owe Rs 197 crore and Rs 182 crore respectively. Perfect Propbuild owes Rs 240 crore, Assotech Ltd owes Rs 268 crore, Assotech Contracts owes Rs 190 crore and Sikka Infrastructure owes Rs 252 crore.
Noida Authority has managed to recover only Rs 29 crore in partial payments from these 12 projects.
The second group includes four projects that have accepted the state’s rehabilitation policy but have not deposited any amount. Their cumulative contributions total Rs 1,239 crore, which would have been reduced to Rs 1,006 crore under the policy.
This list includes Kindle Infra Heights Pvt Ltd (Rs 320 crore), Gardenia AIMS Developers Pvt Ltd (Rs 692 crore), Gardenia India Ltd (Rs 112 crore) and Futech Shelters (Rs 115 crore). Together they comprise 4,312 sanctioned flats, including 795 unregistered units.
“The Authority granted these developers the benefit of recalculated dues after excluding the Covid-19 zero period. Despite sending acceptance letters, they failed to deposit the mandatory 25%. Registration fees for these projects have been stopped until further notice,” an official said.
In the third category, six projects did not accept the Authority’s rehabilitation policy. Their total dues are Rs 945 crore, which would come down to Rs 821 crore under the state’s provisions. These projects include TGB Infrastructure (Rs 55 crore), MPG Realty Pvt Ltd (Rs 39 crore), AGC Realty (Rs 21 crore), Manisha Keybee Projects (Rs 38 lakh), IVR Prime (Rs 660 crore) and RG Residency (Rs 170 crore). This concerns a total of 9,216 sanctioned flats, including 4,396 unregistered flats.
“We have given sufficient time under the state’s rehabilitation programme. Builders who fail to accept or deposit the required amount will face strict enforcement, including cancellation of allotments,” Noida CEO Lokesh M said.
The state government’s December 2023 policy for stalled projects allowed developers to pay off old dues in installments with several relaxations – including waiver of penal interest, recalculation of dues and exclusion from the Covid and construction ban periods due to NGT orders for zero periods in Okhla Bird Sanctuary. Builders had to pay 25% of the recalculated dues in advance to resume registers and obtain completion certificates.
Of the 57 projects with defaulters in Noida, 35 opted for the scheme, while the remaining 22 developers delayed the first installment or defaulted, prompting the Authority to issue notices.
The Noida authority has now intensified action against non-compliant builders. Cancellation notices were sent to all 22 defaulting developers between May and October 2024, with dues prominently displayed on notice boards at project sites. Several builders – including Prateek Realtors, Sikka Infrastructure and TGB Infrastructure – had unsold shops or flats sealed as part of enforcement action.
In cases where builders have initiated legal proceedings, including Article 41(3) petitions or review petitions, the Authority has filed reports with the government or the Supreme Court, and these cases remain pending.
For developers like Mahagun Real Estates and Antriksh Developers, the Authority requested the GB Ngara collector to recover significant outstanding land revenue arrears – Rs 117 crore and Rs 273 crore respectively. Complaints were also filed with the Economic Offenses Wing (EOW) of Delhi and Meerut against several builders, including Assotech Ltd, Assotech Contracts, Sikka Infrastructure, IVR Prime and Antriksh Developers, for non-compliance investigations.
Courts in several cases have issued orders for ‘no coercive action’ until government or judicial review of builders’ petitions takes place. Developers such as Gardenia India, Gardenia AIMS, Futech Shelters and MPG Realty have pending review petitions or appeals, with deadlines for depositing 25% of dues, subject to further hearings.
Several developers, including Kindle Infraheights and RG Residency, are pursuing proceedings before the National Company Law Tribunal (NCLT). Court-approved resolution plans have generated significant payments to the Authority. The omission directly affects thousands of homebuyers who have paid the full amount but are unable to execute the registers due to outstanding dues. Homebuyers have been demanding a buyer-centric approach, where registries for ready-to-move-in apartments will be allowed, while the Authority will collect dues separately from erring builders.
The Authority has also recently started installing boards outside housing projects whose promoters have failed to pay dues or apply for government rehabilitation programme. Of the 57 eligible projects, 35 developers have deposited Rs 528 crore – around 25% of the recalculated dues after deducting the Covid zero period.
“The government has provided all possible relief, including zero-period benefits and fair recalculation of dues. Yet, several developers have shown no intention to comply. We will now strictly adhere to the rules,” Lokesh M said.
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