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

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..