NOIDA: The Noida Authority board has given preliminary approval to Sikka Infrastructure to regain benefits under the state government’s legacy stalled project policy for its Sector 143B housing project, Sikka Karnam Greens. This relief will take effect only after the builder withdraws its pending revision petition with the state government.
The Authority had previously revoked all benefits granted to Sikka under the stalled project policy and issued a recovery certificate (RC) for dues amounting to approximately ₹252 crore. The latest decision states that the RC will be withdrawn once Sikka meets the stipulated conditions, including the withdrawal of its case.
Furthermore, the Authority will reissue the permission to mortgage (PTM) to the SWAMIH Investment Fund, a central government-backed fund aimed at reviving delayed housing projects. This will enable Sikka to secure funding from SWAMIH to settle its land dues and progress with the long-delayed project in Sector 143B. Officials described it as a “conditional relief” that balances fiscal responsibility with the goal of advancing the project.
Sikka Infrastructure has proposed 111 unsold flats and shops valued at ₹252 crore as a financial guarantee. The builder has committed that these units will remain unsold until all dues are cleared. The Authority has already sealed 31 units, with plans to seal an additional 80 units to protect its financial interests.
Sikka has indicated that the SWAMIH Fund will disperse the loan only after the PTM is reissued. The Sikka Karnam Greens project encompasses 36,851 square meters and was approved for 1,351 units. To date, 749 flats have been completed, and a partial occupancy certificate was granted in 2019 for three towers, totaling 323 units.
Under the legacy stalled project policy announced on December 21, 2023, defaulting builders were permitted to pay 25% of their dues upfront, with the remaining 75% due over two years. In Sikka’s case, after considering Covid-related relief, the total dues were revised to ₹210 crore, with an immediate payment of ₹52 crore required. However, the builder only paid ₹4 crore, resulting in the cancellation of benefits and the initiation of recovery proceedings.
In February 2024, Sikka sought permission to mortgage the project land to the SWAMIH Fund (managed by SBI Caps) to generate funds for the payment. On March 7, the Authority granted a conditional PTM, which mandated an upfront payment of ₹52 crore into an escrow account, with the remainder to be paid in four installments over two years. However, the builder did not make the payment, citing delays with RERA re-registration and map revalidation. The Authority temporarily extended the building plan’s validity in October 2024, contingent on clearing dues through the SWAMIH loan.
Despite multiple notices, no payment was made, and on May 6, 2025, the Authority revoked the mortgage permission, canceled map revalidation, and initiated recovery proceedings as a land revenue action.
Sikka has filed a revision petition with the state government under Section 41(3) of the UP Urban Planning and Development Act, 1973, requesting “zero-period” relief, which was denied in June 2024 as it was deemed untenable.
