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The Greater Noida Industrial Development Authority (GNIDA) is facing substantial financial challenges, striving to recover over INR 4,081 crore in outstanding dues from 21 major real estate projects. Efforts to collect these significant amounts are hampered by ongoing legal battles across various courts, including the National Company Law Tribunal (NCLT) and the Supreme Court. Major defaulters identified include Supertech Ltd and Unitech Ltd, whose projects are under judicial supervision.
The Greater Noida Industrial Development Authority (GNIDA) is currently facing significant financial pressure, as it attempts to recover a staggering INR 4,081 crore in outstanding dues from 21 prominent real estate projects. The authority's efforts to collect these considerable sums are being complicated by a web of ongoing legal battles across various judicial forums, including the National Company Law Tribunal (NCLT) and the Supreme Court. Advertisement
This situation reflects a long-standing challenge in the real estate sector of the National Capital Region (NCR), where developers often face payment disputes with development authorities. Greater Noida, conceived as a planned industrial and urban hub, has seen rapid real estate development over the past few decades, but also numerous instances of delayed projects and financial disagreements.
Among the leading defaulters identified is Supertech Ltd, which owes INR 903 crore across three separate projects. All of these Supertech projects are currently under NCLT proceedings, further complicating the recovery process. Following Supertech, Unitech Ltd holds a substantial amount in pending dues, owing INR 828 crore from four projects. These Unitech projects are now under the direct supervision of a Supreme Court-appointed board, indicating the high-level intervention required to address their stalled status.
Other major real estate entities with significant outstanding dues include Gaursons Group, owing INR 303 crore; ATS Infrastructure, with INR 201 crore in pending payments; Omaxe Ltd, with INR 278 crore; and La Residentia Developers, which owes INR 244 crore. Many of these individual cases are further complicated by court-issued stays on coercive actions or are caught in prolonged litigation within the NCLT.
GNIDA officials are actively seeking comprehensive legal advice to navigate these impasses and find effective resolutions. The outcome of these recovery efforts will be crucial for GNIDA's financial health and its ability to fund future infrastructural development in Greater Noida.
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