Noida Cracks Down on Builders Over Rs 3.63 Bn in Unpaid Dues
Real Estate

Noida Cracks Down on Builders Over Rs 3.63 Bn in Unpaid Dues

The Noida Authority has initiated stern action against two real estate developers for failing to settle outstanding financial dues, amounting to over Rs 3.63 billion, despite being offered relief under the UP government’s rehabilitation policy.

Antriksh Developers and Promoters, the builder of Antriksh Golf View I in Sector 78, reportedly owes Rs 2.73 billion . Despite repeated notices and opportunities for settlement, the developer failed to clear the dues. In response, the authority issued a recovery certificate (RC) and has requested the Gautam Budh Nagar district administration to recover the amount as land revenue. The case has also been referred to the Economic Offences Wing (EOW).

To inform residents, a public notice had been affixed at the project site in May 2024.

In a separate case, GS Promoters, linked to Sikka Karmic Greens, allegedly tampered with a public notice showing their outstanding dues of ?90 crore. During an inspection on April 2, 2025, the notice was found defaced with black ink. The authority has since asked the police to file an FIR.

Though the builder had opted for the rehabilitation scheme, which would have brought down dues to ?73 crore, only ?58 lakh was deposited — far short of the ?18 crore (25%) upfront requirement. A revision petition is currently pending before the state government.

The Noida Authority stated that of 57 defaulting housing projects, only a fraction have complied with the scheme. While six developers had their dues waived with a two-year “zero-period” benefit for the Covid years, 27 others paid the 25% required to qualify for relief. Fourteen developers have made partial payments, and action continues against remaining defaulters.

What is the UP Rehabilitation Policy? Announced in December 2023, the policy offers developers a two-year waiver on interest and penalties for the Covid period, provided they pay 25% of their revised dues within two months of opting in. Insolvent projects may also benefit upon case withdrawal.

The Noida Authority has initiated stern action against two real estate developers for failing to settle outstanding financial dues, amounting to over Rs 3.63 billion, despite being offered relief under the UP government’s rehabilitation policy. Antriksh Developers and Promoters, the builder of Antriksh Golf View I in Sector 78, reportedly owes Rs 2.73 billion . Despite repeated notices and opportunities for settlement, the developer failed to clear the dues. In response, the authority issued a recovery certificate (RC) and has requested the Gautam Budh Nagar district administration to recover the amount as land revenue. The case has also been referred to the Economic Offences Wing (EOW). To inform residents, a public notice had been affixed at the project site in May 2024. In a separate case, GS Promoters, linked to Sikka Karmic Greens, allegedly tampered with a public notice showing their outstanding dues of ?90 crore. During an inspection on April 2, 2025, the notice was found defaced with black ink. The authority has since asked the police to file an FIR. Though the builder had opted for the rehabilitation scheme, which would have brought down dues to ?73 crore, only ?58 lakh was deposited — far short of the ?18 crore (25%) upfront requirement. A revision petition is currently pending before the state government. The Noida Authority stated that of 57 defaulting housing projects, only a fraction have complied with the scheme. While six developers had their dues waived with a two-year “zero-period” benefit for the Covid years, 27 others paid the 25% required to qualify for relief. Fourteen developers have made partial payments, and action continues against remaining defaulters. What is the UP Rehabilitation Policy? Announced in December 2023, the policy offers developers a two-year waiver on interest and penalties for the Covid period, provided they pay 25% of their revised dues within two months of opting in. Insolvent projects may also benefit upon case withdrawal.

Next Story
Infrastructure Urban

CMPDI installs bio-toilets to boost sanitation and hygiene

The Central Mine Planning and Design Institute (CMPDI), a subsidiary of Coal India Limited under the administrative control of the Ministry of Coal, has installed six modern bio-toilets equipped with bio-digesters and water tanks across various locations in Ranchi. The initiative was carried out under the ongoing Special Campaign 5.0, underscoring CMPDI’s commitment to cleanliness and sustainable sanitation. This effort forms part of a nationwide drive to enhance hygiene standards and improve efficiency in public offices. It aligns with the Government of India’s Swachh Bharat Mission and ..

Next Story
Infrastructure Urban

PM Modi unveils Rs 12.19 billion projects in Kevadia

Prime Minister Shri Narendra Modi inaugurated and laid the foundation stones for development projects worth Rs 12.19 billion in Kevadia on the eve of Sardar Vallabhbhai Patel’s 150th birth anniversary. The projects include the Birsa Munda Bhavan—an iconic centre dedicated to Bhagwan Birsa Munda—a residential complex for GSEC and SSNNL employees, the first phase of the hospitality district, and a Bonsai Garden. During the visit, the Prime Minister also flagged off a fleet of electric buses in Kevadia, an initiative aimed at providing comfortable and sustainable transport facilities for v..

Next Story
Infrastructure Transport

New metro link to connect Delhi airport’s T1 and T3

A new metro station will be part of the upcoming Golden Line to provide direct connectivity between Delhi airport’s Terminal 1 (T1) and Terminal 3 (T3), a senior official confirmed. Among the three terminals at the Indira Gandhi International Airport, Terminals 2 and 3 are located close to each other, while Terminal 1 lies a few kilometres away. In an interview with PTI, Delhi International Airport Ltd (DIAL) CEO Videh Kumar Jaipuriar said that the new integrated station is being planned to link Aerocity with Terminal 1. “The Golden Line was earlier planned to terminate at Aerocity. We h..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?