NOIDA: Over 80 homebuyers from Lotus Arena in Sector 79 protested on Sunday due to the project’s incompletion and the delay in possession. The development spans 50,000 square meters on Plot No. SC-01/A2 and comprises 1,080 flats, of which 858 units have been sold, leaving 222 unsold.
Launched in 2014 with an approved layout from the Noida Authority, project promoters reportedly mismanaged around Rs 387 crore of homebuyers’ funds. This mismanagement triggered the initiation of the Corporate Insolvency Resolution Process (CIRP) in 2020, leading to a resolution plan approved by the National Company Law Tribunal (NCLT) in 2023, which appointed Purvanchal Projects to resume construction.
However, the Noida Authority has blocked the project’s revalidation based on a 2021 CAG report regarding Sports City land allotments. “Despite Lotus Arena being the first group housing project in Noida to emerge successfully from insolvency, this action has delayed the restart of construction,” stated Vishwanath Sharma, president of the Lotus Arena Buyers Association (LABA), which represents about 1,500 homebuyers.
This led to a protest wherein nearly 90 homebuyers expressed their frustration, highlighting that many families have been waiting for their homes for over a decade. “We are paying both EMIs and rents without possession of our flats. Many have lost jobs during the pandemic or even passed away waiting for their homes,” Sharma remarked.
Neeraj Mishra, a flat owner in Tower 2, currently resides in Ajnara Grand Heritage in Sector 74. He participated in the protest, saying, “The demonstration was against the Noida Authority and the UP government for neglecting homebuyers’ issues and preventing construction due to non-approval of the process.”
Seema Goswami, another owner in Tower 2, shared, “We’ve been waiting for our homes, and the burden of EMIs is overwhelming. People save for a lifetime for a roof over their heads, and when it never materializes, it shatters hope.”
Deepak Sinha, a resident currently in Dubai, voiced his frustration over the persistent delays, emphasizing the urgent need for project completion.
On Sunday, LABA urged the UP government to instruct the Noida Authority to revalidate the approved layout plan, initiate construction under the resolution plan, and ensure compliance with judicial orders so that middle-class families receive justice.
“After a lengthy legal battle to lift this project from insolvency, the revalidation delay is unjust. Our only request is to allow construction to commence,” Sharma explained.
The residents, actively pursuing this matter in both the High Court and the Supreme Court, also plan to meet with Noida MLA Pankaj Singh and MP Mahesh Sharma, and intend to petition further. They announced plans for demonstrations before the Noida Authority if a timely resolution isn’t reached.
A response from the authority is awaited.
