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

04 Apr 2025 CW Team

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.

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Infrastructure Energy

05 Nov 2025

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Infrastructure Urban

05 Nov 2025

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..