NOIDA: The Greater Noida Industrial Development Authority (GNIDA) has appointed Currie and Brown to evaluate builders who have defaulted as it begins to revoke benefits from those violating the stalled-project policy. This initiative aims to revitalize halted real estate projects, with ₹1,382 crore recovered from the total dues of ₹4,749 crore. So far, 17,334 housing units have been registered despite ongoing challenges.
Recently, the GNIDA board decided that all benefits under the state’s stalled-project policy will be withdrawn from developers who have neither settled their dues nor engaged with the scheme.
Of the 98 projects identified for revival under this policy in December 2023, 13 that settled all payments received a three-year extension for project completion, while 85 were issued demand notices for 25% of the outstanding dues. Legal stays have halted recovery efforts for more than half of the projects, with ₹865 crore related to additional farmer compensation currently stayed by the Allahabad High Court. Excluding this amount, GNIDA estimates that ₹2,502 crore can potentially be recovered.
GNIDA’s interim CEO, Saumya Srivastava, categorized the 98 projects into four groups based on their payment status and legal standing: fully paid projects, partially paid projects beyond 25%, projects with 25% paid, and those with no payments.
In the first group, 13 projects that cleared 100% of their dues (₹175 crore) before the policy were granted a three-year extension, along with 21 additional projects (₹756 crore) whose developers have paid premiums and lease rents (₹221 crore), but are in dispute over additional compensation totaling ₹549 crore.
Srivastava stated, “In these cases, nearly all authority dues are settled. The additional compensation issue is sub judice. Our focus is on project completion and delivery.” These projects are presently undergoing physical assessments via ground and drone surveys conducted by Currie and Brown to evaluate their construction progress and pending tasks.
The second group consists of 22 projects whose developers have made the mandatory 25% initial payment along with partial payments towards the remaining 75%. Out of ₹960 crore in dues for these projects, ₹482 crore has been recovered, with nearly ₹300 crore owed by two large developers – AIMS Golf Town Developers and SJP Infracon. The former has paid only ₹64 crore of its ₹233 crore dues, while SJP has settled ₹38.5 crore of its ₹153 crore obligations. Multiple demand notices have been issued to these developers between May 2024 and June 2025.
Sixteen projects, including AIMS Golf Town and SJP Infracon, are currently constrained by court stay orders, limiting the Authority’s ability to take collection actions. GNIDA plans to engage in one-on-one discussions with these developers to negotiate potential recoveries.
In the third group, 16 projects have only submitted the initial 25% and have not paid the remaining balance within the required timeframe. The dues for these projects total ₹987 crore, of which ₹230 crore has been collected. GNIDA has issued recovery certificates (RCs) for three projects: Earthcon Construction, DAR Housing, and Ideal Realty Solutions. Twelve of these projects are also protected by High Court stay orders, primarily regarding additional compensation issues.
Patel Advance JV’s project in Techzone-IV is a unique case, as its dues are still being finalized due to ongoing litigation about benefits and additional compensation. Currently, the project has provisional net dues of ₹301 crore; however, recovery efforts are on hold until the liabilities are officially determined by the relevant authority.
GNIDA has mandated site-level checks for these projects to ascertain the reasons for delays, extent of construction, creation of third-party rights, and impact on buyers. “We require a thorough assessment before determining the next steps,” Srivastava noted, mentioning that meetings at the CEO level will follow the submission of the consultant’s report.
Finally, in the fourth category, 13 projects have not made even the required initial 25% payment under the policy. The cumulative net dues for these projects reach ₹1,180 crore, with a mere ₹3 crore received so far, largely through isolated interim payments. Five of these projects are shielded by High Court orders preventing coercive actions.
Due to legal challenges, GNIDA has sought counsel from additional advocate general Manish Goyal. Based on his recommendation, it has been proposed to file applications for modification or clarification before the High Court to obtain permission for recovering premium, lease rent, and time-extension fees, even while recovery for additional compensation remains stayed. Upon approval, GNIDA’s legal department has been instructed to initiate the necessary proceedings.
The Authority has also reevaluated projects where developers have made the minimum initial payment but have not contributed anything towards the remaining balance, noting the sale of units before the policy was enacted, which created third-party rights. Final notices for these developers may be issued, and failure to comply will result in the withdrawal of all policy benefits and the initiation of recovery actions.
