9,750 Noida homebuyers in limbo as 22 realtors default on ₹5,560 cr dues

Noida: As many as 22 real estate projects in Noida collectively owe the Noida Authority nearly ₹5,560 crore in land dues, leaving around 9,750 homebuyers uncertain about when they can register their flats. The Authority has issued recovery notices, frozen registries, and initiated strict enforcement measures, including recovery certificates in coordination with the district administration.

Under Uttar Pradesh’s rehabilitation policy for stalled projects, the dues could have reduced to about ₹4,260 crore had the builders paid 25 per cent of the recalculated dues upfront. However, several developers either defaulted on payments, paid only partially, or did not accept the policy at all.

In the first category, 12 builders, including AIMS Max Gardenia, Sunshine Infrawell, Mahagun Real Estates, Prateek Realtors, Antriksh Developers, Assotech Ltd, Assotech Contracts, Perfect Propbuild, Sethi Buildwell, GS Promoters, and Sikka Infrastructure, agreed to clear dues in instalments but paid only partially. Their cumulative dues amount to ₹3,379 crore, which would have reduced to ₹2,432 crore under the state’s policy. These projects together account for 15,508 flats, of which 4,379 remain unregistered.

AIMS Max Gardenia alone owes ₹1,717 crore for its EcoCity project in Sector 75, where about 365 of 1,600 flats remain unregistered. Mahagun Real Estates owes ₹97 crore, Prateek Realtors ₹197 crore, and Antriksh Developers ₹182 crore. The Authority has so far managed to recover only ₹29 crore from these 12 projects.

The second group comprises four builders — Kindle Infra Heights, Gardenia AIMS Developers, Gardenia India Ltd, and Futech Shelters — who accepted the policy but failed to deposit the mandatory 25%. Their combined dues stand at ₹1,239 crore (₹1,006 crore post-policy). Registry permissions in these projects have been stopped

until further notice.

The third group includes six developers — TGB Infrastructure, MPG Realty, AGC Realty, Manisha Keybee Projects, IVR Prime, and RG Residency — who did not accept the rehabilitation policy. Their total dues amount to ₹945 crore.

Noida Authority CEO Lokesh M. said builders who neither accepted nor paid under the rehabilitation scheme would face strict action, including cancellation of allotments. The 2023 policy had offered significant relief, including waiver of penal interest and exclusion of Covid and NGT ban periods. Between May and October 2024, the Authority issued cancellation notices to all 22 defaulting projects and sealed unsold shops and flats in several cases. Recovery proceedings have also been initiated through the district administration, while cases against major builders such as Assotech, Sikka Infrastructure, IVR Prime, and Antriksh Developers have been referred to the Economic Offences

Wing (EOW).

With thousands of homebuyers stuck despite paying in full, the Authority is under pressure to adopt a buyer-centric approach that allows registries for ready flats while continuing recovery from errant builders. Officials say strict enforcement will continue against non-compliant developers.