Noida Cracks Down on Builders Over Rs 3.63 Bn in Unpaid Dues
04 Apr 2025
2 Min Read
CW Team
The Noida Authority has initiated stern action against two real estate developers for failing to settle outstanding financial dues, amounting to over Rs 3.63 billion, despite being offered relief under the UP government鈥檚 rehabilitation policy.
Antriksh Developers and Promoters, the builder of Antriksh Golf View I in Sector 78, reportedly owes Rs 2.73 billion . Despite repeated notices and opportunities for settlement, the developer failed to clear the dues. In response, the authority issued a recovery certificate (RC) and has requested the Gautam Budh Nagar district administration to recover the amount as land revenue. The case has also been referred to the Economic Offences Wing (EOW).
To inform residents, a public notice had been affixed at the project site in May 2024.
In a separate case, GS Promoters, linked to Sikka Karmic Greens, allegedly tampered with a public notice showing their outstanding dues of ?90 crore. During an inspection on April 2, 2025, the notice was found defaced with black ink. The authority has since asked the police to file an FIR.
Though the builder had opted for the rehabilitation scheme, which would have brought down dues to ?73 crore, only ?58 lakh was deposited 鈥� far short of the ?18 crore (25%) upfront requirement. A revision petition is currently pending before the state government.
The Noida Authority stated that of 57 defaulting housing projects, only a fraction have complied with the scheme. While six developers had their dues waived with a two-year 鈥渮ero-period鈥� benefit for the Covid years, 27 others paid the 25% required to qualify for relief. Fourteen developers have made partial payments, and action continues against remaining defaulters.
What is the UP Rehabilitation Policy?
Announced in December 2023, the policy offers developers a two-year waiver on interest and penalties for the Covid period, provided they pay 25% of their revised dues within two months of opting in. Insolvent projects may also benefit upon case withdrawal.
The Noida Authority has initiated stern action against two real estate developers for failing to settle outstanding financial dues, amounting to over Rs 3.63 billion, despite being offered relief under the UP government鈥檚 rehabilitation policy.
Antriksh Developers and Promoters, the builder of Antriksh Golf View I in Sector 78, reportedly owes Rs 2.73 billion . Despite repeated notices and opportunities for settlement, the developer failed to clear the dues. In response, the authority issued a recovery certificate (RC) and has requested the Gautam Budh Nagar district administration to recover the amount as land revenue. The case has also been referred to the Economic Offences Wing (EOW).
To inform residents, a public notice had been affixed at the project site in May 2024.
In a separate case, GS Promoters, linked to Sikka Karmic Greens, allegedly tampered with a public notice showing their outstanding dues of ?90 crore. During an inspection on April 2, 2025, the notice was found defaced with black ink. The authority has since asked the police to file an FIR.
Though the builder had opted for the rehabilitation scheme, which would have brought down dues to ?73 crore, only ?58 lakh was deposited 鈥� far short of the ?18 crore (25%) upfront requirement. A revision petition is currently pending before the state government.
The Noida Authority stated that of 57 defaulting housing projects, only a fraction have complied with the scheme. While six developers had their dues waived with a two-year 鈥渮ero-period鈥� benefit for the Covid years, 27 others paid the 25% required to qualify for relief. Fourteen developers have made partial payments, and action continues against remaining defaulters.
What is the UP Rehabilitation Policy?
Announced in December 2023, the policy offers developers a two-year waiver on interest and penalties for the Covid period, provided they pay 25% of their revised dues within two months of opting in. Insolvent projects may also benefit upon case withdrawal.
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