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NOIDA: A detailed financial analysis of 116 group housing projects allocated between the mid-2000s and early 2010s reveals that the Noida Authority has yet to recover ₹34,283 crore in outstanding dues as of November 30.
A significant portion of this total, roughly ₹26,000 crore, is associated with projects currently under insolvency proceedings or litigation, rendering them nearly impossible to recover in the short term.
Of the outstanding amount, ₹18,703 crore is from nine Amrapali projects and five Unitech projects, both under the oversight of the Supreme Court. Additionally, ₹7,300 crore is involved in 16 NCLT cases. Beyond these amounts, dues from incomplete projects and those completed but pending also add to the financial challenges. To date, only 26 out of the 116 projects have managed to settle their payments.
Unitech stands out as the Authority’s biggest defaulter, with ₹13,509 crore still owed across five major land parcels. The largest liability stems from a 2006 allotment affecting sectors 96, 97, and 98, followed by plots allocated between 2007 and 2011 in sectors 117, 113, and 144. Ongoing litigation, construction stoppages, and the developer’s financial troubles led to the Supreme Court taking control of its management and appointing a new board. The court has now prevented the Authority from recouping its dues until further notice, effectively freezing all Unitech-related liabilities.
The Amrapali Group, responsible for nine housing projects including Silicon City (Sector 76), Zodiac (Sector 120), Sapphire (Sector 45), Princely Estate (Sector 76), and Eden Park (Sector 50), owes ₹5,193 crore, primarily due to significant delays that led homebuyers to seek recourse through consumer courts and ultimately the Supreme Court. A 2019 forensic audit uncovered widespread fund misappropriation, prompting the court to revoke the developer’s registration and assign a receiver, instructing NBCC to complete the unfinished projects. With all financial decisions under judicial supervision, the Authority cannot actively pursue recovery.
Sixteen developers currently under NCLT insolvency proceedings collectively owe around ₹7,300 crore, including some of the city’s most notable stalled projects, such as Granite Gate Properties in Sector 110 (₹1,260 crore), Logix Infratech in Sector 143 (₹940 crore), Logix City Developers (₹800 crore), and Three C Projects in Sector 168 (₹700 crore). Additionally, Supertech Group projects in the tribunal account for over ₹1,000 crore more.
Other developers facing insolvency include Red Fort Jahangir, IVRCL Infrastructure, Today Homes, Shubhkamna Buildtech, Hacienda Projects, Ajnara India, GSS Procon, Opulent Infradevelopers, and Logix Infrastructure.
Under the Insolvency and Bankruptcy Code, these projects benefit from a statutory moratorium, which prevents the Authority from initiating recovery processes until resolution plans are approved.
Among unfinished projects not currently facing insolvency or under Supreme Court management, yet mired in litigation or stalled work, is Aims Max Gardenia’s Eco City in Sector 75, which alone owes approximately ₹2,108 crore. A court injunction has halted any recovery efforts against this developer. The Gardenia Aims Developers’ Sector 46 project, also embroiled in disputes, adds another ₹857 crore to the debt.
In total, there are 30 stalled housing projects citywide that account for ₹6,761 crore in unpaid installments, lease rent, and penal interest. An additional 13 completed projects, where possession has been granted but dues remain unsettled, contribute ₹703 crore in outstanding payments, spread across sectors 50, 75, 77, 78, and 119, primarily involving unpaid installments or lease-rent arrears.
Only 26 group housing projects, constituting 22% of the 116 group housing societies, have fully settled their dues or remain up to date on payments. These include developers such as Mahagun India, Purvanchal Projects, Eldeco Infrastructure, Bestech, Gaursons, Panchsheel Exotica, Ambience Projects, Indosam Infra, Maxblis Construction, and Gulshan Homez, most of which were allocated between 2006 and 2013.
Additionally, 17 legacy stalled projects have adopted the UP government’s 2023 rehabilitation policy, depositing 25% of adjusted dues after accounting for Covid-related waivers to resume work under supervision. This group includes Imperial Housing Ventures, Paras Seasons Haven, Prateek Buildtech, and projects by ATS, Sunworld, Omaxe, JM Housing, Capital Infra, HR Oracle, among others.
Officials anticipate that the comprehensive review will provide the Authority with a clearer strategy for distinguishing between recoverable amounts, those hindered by legal orders, and those reliant on rehabilitation efforts.
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