Noida Authority seeks review relief granted to ET Infra Developers

13 Sep 2024 CW Team

The Noida Authority plans to request the Uttar Pradesh government to reconsider its decision to grant a Rs 630 million financial relief to ET Infra Developers Pvt Ltd, the builders of the World Trade Tower in Sector 16. The relief was originally granted to compensate for delays caused by the National Green Tribunal's (NGT) ban on construction within 10 kilometers of the Okhla Bird Sanctuary from 2013 to 2015.

Officials from the Authority argue that the developer completed the towers before the NGT's orders were imposed but failed to secure an occupancy certificate (OC) due to missing documents. Therefore, they claim the developer is ineligible for the waiver, as the NGT ban did not directly impact the project.

ET Infra Developers had been allotted the commercial land for the project in 2010, with a requirement to complete construction and apply for the OC by August 2013. Although the builder applied for the certificate in June 2013, the application was rejected due to incomplete documentation. The NGT ban was imposed after this, in August 2013.

The developer had requested a waiver of interest from September 2013, citing delays caused by the NGT's restrictions. Despite receiving partial relief for the period from August to October 2013, the builder continued to appeal for a full waiver for the two-year period starting in August 2013. In 2023, the Uttar Pradesh government granted the developer a full waiver of interest and lease rent, amounting to Rs 630 billion.

Noida Authority officials, however, dispute the decision, stating that the delay in receiving the OC was due to the developer's own shortcomings, not the NGT ban. They argue that granting additional relief would set an unfair precedent and impose a financial burden on the Authority.

(ET)

Infrastructure Urban

30 May 2026

Panasonic Showcases Connected Display Solutions

Panasonic Life Solutions India showcased its integrated display, projection, broadcast and communication technologies at Panasonic Tech Summit 2026 in New Delhi. Hosted through its System Solutions Division, the two-day event highlighted connected technology solutions for education, healthcare, retail, transportation, corporate offices and entertainment.The summit, themed ‘Turning Technology into Value’, featured experience-led zones covering QSR, retail, transit, corporate offices, healthcare, education, security, projection, home theatre and professional displays. Panasonic also introduc..

Kapsch to Deliver India’s First C-ITS Project

"Kapsch TrafficCom will deliver India’s first Cooperative Intelligent Transport Systems project on a key expressway near New Delhi. The project will be implemented with Superwave Communication And Infrasolution Limited to demonstrate how connected mobility can improve road safety and traffic efficiency.The pilot will use real-time connectivity and AI-enabled situational awareness to support road users, especially in high-risk areas such as temporary work zones. Drivers will receive alerts on roadworks, maintenance vehicles, hazardous locations, traffic queues and temporary virtual signage di..

Eurobond Net Profit Rises 44 Per Cent

Euro Panel Products, the parent company of Eurobond, reported a 44.13 per cent year-on-year rise in net profit for FY25–26. The company’s revenue from operations grew 18.91 per cent to Rs 503.20 crore, compared to Rs 423.18 crore in the previous financial year.The company’s full-year EBITDA stood at Rs 56.67 crore, marking a 31.82 per cent increase. Profit after tax rose to Rs 26.56 crore, while net worth increased 20.15 per cent to Rs 160.07 crore. Earnings per share for the year stood at Rs 10.84.Divyam Rajesh Shah, Whole Time Director and CFO, Euro Panel Products, said the company’s..