NOIDA: The Greater Noida Industrial Development Authority (GNIDA) board has given in-principle approval to prolong map validity and grant permission to mortgage (PTM) to the SLB Welfare Association. This buyers’ group is now steering the long-delayed Sampada Livia housing project in Sector Chi-5, which has been stalled for a decade.
This decision, made under the Legacy Stalled Real Estate Projects Policy introduced by the UP government in December 2023, offers crucial institutional support to a homebuyers’ association struggling with legal, financial, and regulatory challenges to complete their homes. It will allow financial institutions to provide loans to buyers and help revive the project under official oversight.
The Sampada Livia project faced difficulties from the start. Initially awarded to PSA Impex in 2011, it was taken over the following year by the Shubhkamna Group, which rebranded it as Shubhkamna Livia. According to the lease deed, the first phase was to be completed by September 28, 2014, with the entire project due by September 28, 2018. More than ten years later, even the first phase remains unfinished. A split in 2014 saw PSA Impex separate from the Shubhkamna Group and reclaim the project, renaming it Sampada Livia.
By 2017, buyers began expressing concerns over halted construction, unfinished work, and delays in delivery. Many homebuyers had already paid 80 to 90% of their flat costs without receiving possession or refunds. GNIDA intervened, conducting an audit that uncovered financial irregularities, including the alleged misappropriation of ₹47 crore. The developer proposed to offer buyers the option to relocate to another society in Greater Noida West, which was ultimately rejected. Buyers escalated their grievances to the National Consumer Disputes Redressal Commission (NCDRC) and UP-RERA.
In March 2018, the Altureo Group briefly took over and renamed the project Altureo Residency. However, soon after, one of PSA’s directors was arrested by the EOW for an unrelated case, further complicating the situation.
UP-RERA deregistered the project in September 2019, following a directive in March of the same year to form the SLB Welfare Association to represent the homebuyers. In June 2020, RERA went further and granted SLB control over the remaining construction and development work — one of the first instances in Uttar Pradesh where a buyers’ association was officially recognized as an executor of a stalled project. PSA challenged RERA’s decision across multiple forums, including the UP-RERA Appellate Tribunal, Allahabad High Court, and the Supreme Court, but was unsuccessful at every stage.
Legal challenges persisted. The Allahabad High Court and later the National Company Law Tribunal (NCLT) initiated insolvency proceedings against PSA Impex, appointing an Insolvency Resolution Professional. This introduced further uncertainty for buyers. It wasn’t until a series of victories in the NCLT, NCLAT, and ultimately in the Supreme Court, which dismissed the company’s appeal in December 2022, that SLB regained control, and construction finally resumed in January 2023.
In October 2023, PSA approached the Supreme Court again but lost the case in February 2024. By June 2024, PSA’s authorized representative claimed 99.75% shareholding in the plot in Sector Chi-5. However, GNIDA has recognized the SLB Welfare Association as the project’s legitimate builder. Work on-site has accelerated since 2023, with two towers reaching the 23rd of 24 floors and a third reaching the 20th.
The association hopes to start delivering flats by 2026. Currently, there are around 350 original allottees, while the remaining 375 new units will be sold to settle GNIDA dues and complete necessary formalities. Despite progress, buyers are still unable to access housing loans as approvals for map extension and PTM clearance were lacking. As of May 31, 2025, dues owed to GNIDA, including unpaid premium, lease rent, additional compensation, and time-extension charges, had risen to nearly ₹108 crore.
The association made multiple appeals to GNIDA in May and October 2024, requesting a five-year extension of map validity, PTM approval to enable buyers to mortgage their flats, and settlement of dues at original premium rates with phased payments.
“We will settle the dues. We have requested concessions under the state’s policy for the rehabilitation of stalled projects,” said Akanksha Aggarwal, president of the Sampada Livia Buyers Welfare Association. GNIDA’s legal department reviewed the proposal thoroughly and concluded that the demands were reasonable and in line with UP-RERA’s 2020 order. They suggested that GNIDA should offer certain concessions in the interest of flat buyers and public dues until the flats are completed, recovering a larger share from unsold and future units.
The finance department also assessed the association’s cash flow, with ACEO Saumya Srivastava confirming that SLB’s proposal is under evaluation. Ultimately, GNIDA’s board granted in-principle approval to the association’s requests last month.
This decision signifies a turning point for hundreds of families who invested in the project over a decade ago.
“The financial block was our biggest challenge. With PTM clearance, banks can now issue loans, giving us the resources to deliver flats,” the SLB president stated, emphasizing the association’s commitment to begin handing over flats by 2026.
