NOIDA: The Greater Noida Industrial Development Authority (GNIDA) is currently grappling with unpaid dues totaling Rs 4,081 crore from 21 significant real estate projects. Legal proceedings at various levels—from the National Company Law Tribunal (NCLT) to the Supreme Court—have created obstacles for the Authority in recovering these amounts.
A report from GNIDA indicates that each project owes over Rs 100 crore, with Supertech Ltd at the forefront as the largest defaulter. The company has outstanding payments of Rs 903 crore, attributed to three projects—Rs 312 crore for one in Sector 1 and Rs 590 crore across two in Sector 16B. All these projects are presently involved in NCLT proceedings.
Unitech Ltd follows closely, with pending dues amounting to Rs 828 crore across four projects in Pi 1 and 2, which are now managed by a board appointed by the Supreme Court.
The Gaursons Group’s projects, including Gaursons Hi-Tech Infrastructure and Gaursons Promoters, collectively owe Rs 303 crore. Although premium and lease rent payments have been made, a high court stay is in place on further compensation, with dues comprising Rs 197 crore for Gaur City-1 in Sector 4 and Rs 107 crore for a project in Sector 16C.
ATS Infrastructure’s Chi-IV project has resulted in dues of Rs 201 crore. Despite a recovery certificate issued on May 29, 2023, a stay on coercive action has been implemented due to a petition filed in the Allahabad High Court.
Meanwhile, Omaxe Ltd’s NRI City project in Omega-2 carries dues of Rs 278 crore. The high court also imposed a stay on coercive measures on February 20, 2020, requiring Omaxe to deposit Rs 10 crore, which they have complied with.
La Residentia Developers, which was allotted land in Techzone-4 in 2010, owes Rs 244 crore. This case has complicated aspects, as a ruling by the Supreme Court in 2019 determined that 19.75% of the project (632 units) belongs to the Amrapali Group, whose court receiver has sought adjustments in land payments and a waiver of interest and penalties during litigation.
Other notable defaulters include Earth Town Infrastructure (Rs 229 crore), Earthcon Universal Infratech (Rs 151 crore), Connoisseur Infrabuild (Rs 154 crore), Subhkamna Buildwell & Estates (Rs 133 crore), and AVJ Developers (Rs 116 crore), all of which are undergoing NCLT proceedings.
Mahagun India Ltd, with dues of Rs 125 crore to the Authority, has received a stay from the high court on additional compensation, with a revision petition currently pending with the state government. Gayatri Hospitality and Realcon’s Rs 117 crore case is associated with La Residentia Developers, with the high court ordering no coercive action.
A GNIDA spokesperson mentioned, “We are seeking legal advice to evaluate potential resolutions for all these cases. For now, we’re in a wait-and-watch mode.”
