Noida Authority lodges EOW complaint against Logix Developers

27 Nov 2024 CW Team

The developer was allotted a one-lakh-square-meter group housing plot on April 8, 2011, and the lease deed was formalised on June 14, 2011.

The Authority has accused the promoters, including Devendra Mohan Saxena, Shakti Nath, Vikram Nath, and Meena Nath, of creating third-party rights and misappropriating funds collected from the sale of apartments while failing to clear their dues. According to the Noida Authority, these actions caused significant financial losses to the organization and left homebuyers in distress.

Noida Authority CEO Lokesh M stated that the misuse of funds and the creation of third-party rights by the promoters had severely impacted homebuyers and inflicted substantial financial damage on the Authority.

Blossom Zest, with dues amounting to Rs 6.66 billion to lenders, entered insolvency proceedings at the National Company Law Tribunal (NCLT) in 2022. Another project by the company, Blossom County in Sector 137, with Rs 4.46 billion in dues, was taken to NCLT in July 2023.

Additionally, the Noida Authority has referred discrepancies in asset valuations for two other projects under insolvency proceedings to the Insolvency and Bankruptcy Board of India (IBBI). These include Lotus Zing by 3C Projects in Sector 168, which has dues of Rs 5.72 billion, and Victory Crossroads by GSS Procon in Sector 143B, with dues of Rs 330 million.

Earlier in the year, the Noida Authority extended an option for developers of stalled projects facing insolvency proceedings to withdraw from NCLT and apply for a rehabilitation package announced by the state government in December 2023. The package, developed based on recommendations from the Amitabh Kant committee, applies to both residential projects and housing components of commercial developments.

The Noida Authority has lodged a complaint with the Economic Offences Wing (EOW) of the Delhi Police against the promoters of Logix City Developers. The complaint pertains to unpaid dues and delays in delivering units at the Blossom Zest housing project in Sector 143, Noida. The developer was allotted a one-lakh-square-meter group housing plot on April 8, 2011, and the lease deed was formalised on June 14, 2011. The Authority has accused the promoters, including Devendra Mohan Saxena, Shakti Nath, Vikram Nath, and Meena Nath, of creating third-party rights and misappropriating funds collected from the sale of apartments while failing to clear their dues. According to the Noida Authority, these actions caused significant financial losses to the organization and left homebuyers in distress. Noida Authority CEO Lokesh M stated that the misuse of funds and the creation of third-party rights by the promoters had severely impacted homebuyers and inflicted substantial financial damage on the Authority. Blossom Zest, with dues amounting to Rs 6.66 billion to lenders, entered insolvency proceedings at the National Company Law Tribunal (NCLT) in 2022. Another project by the company, Blossom County in Sector 137, with Rs 4.46 billion in dues, was taken to NCLT in July 2023. Additionally, the Noida Authority has referred discrepancies in asset valuations for two other projects under insolvency proceedings to the Insolvency and Bankruptcy Board of India (IBBI). These include Lotus Zing by 3C Projects in Sector 168, which has dues of Rs 5.72 billion, and Victory Crossroads by GSS Procon in Sector 143B, with dues of Rs 330 million. Earlier in the year, the Noida Authority extended an option for developers of stalled projects facing insolvency proceedings to withdraw from NCLT and apply for a rehabilitation package announced by the state government in December 2023. The package, developed based on recommendations from the Amitabh Kant committee, applies to both residential projects and housing components of commercial developments.

Infrastructure Urban

06 Apr 2026

CFI Appoints New National Council for FY27 and FY28

The Construction Federation of India (CFI) has announced its newly elected National Council and office bearers for a two-year term covering FY27 and FY28. M. V. Satish, Advisor to CMD and Lead Ambassador for Middle East, L&T, has been elected President; Priti Patel, Chief Strategy & Growth Officer, Tata Projects, has been appointed Vice President; and Ajit Bhate, Managing Director, Precast India Infrastructures, has taken charge as Treasurer.The newly formed National Council brings together senior leaders from major EPC and infrastructure companies, reflecting CFI’s continued focus o..

Infrastructure Urban

06 Apr 2026

India REIT Market Gains Momentum with Strong Returns

India’s Real Estate Investment Trust (REIT) market is witnessing strong growth, emerging as a competitive investment avenue both domestically and across Asia. According to a recent ANAROCK report released at EXCELERATE 2026 by NAREDCO Maharashtra NextGen, the sector is evolving into a mature asset class driven by solid fundamentals, regulatory backing and rising investor confidence.The introduction of Small and Medium REITs (SM REITs) in 2025 has further widened access through fractional ownership, unlocking a potential monetisation opportunity of Rs 670–710 billion. Indian REITs have deli..

Infrastructure Energy

06 Apr 2026

G R Infraprojects Secures Rs 4,130 Million BESS Contract From NTPC

G R Infraprojects said it has secured a contract from NTPC to supply and implement a battery energy storage system (BESS) valued at Rs 4,130 million (mn). The company reported the order was awarded as part of NTPC's ongoing efforts to enhance grid flexibility and energy storage capacity. The contract represents a notable addition to the firm's project pipeline and underscores demand for utility scale storage solutions. The award is expected to strengthen G R Infraprojects' presence in the energy infrastructure sector and to contribute to the firm's order book and future revenues, subject to st..