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Authorities at GIFT City and GujRERA are intervening to complete the stalled World Trade Center (WTC) project, specifically Towers B and C, after terminating the agreement with original developer WTC Noida Development Company due to delays and fraud allegations. While Towers A and D were completed, buyers of the other towers filed over 30 complaints citing non-delivery and missed returns. With promoter Ashish Bhalla under arrest, options being considered include handing the project to an association of allottees or appointing a new developer under RERA provisions. The move underscores the push for accountability and timely project delivery in GIFT City's high-stakes ecosystem.
The GIFT City Authority and the state's real estate regulatory body have taken decisive action to complete a high-profile, long-stalled commercial project. These bodies are working to advance the World Trade Center (WTC) in GIFT City, following persistent delays and alleged fraud by the original developer. They are exploring new completion strategies. Advertisement
The project in question involves WTC towers B and C. The development agreement with WTC Noida Development Company Private Limited has now been terminated. This decision comes after numerous complaints from buyers regarding significant delays in possession and the developer's failure to provide assured returns on investments.
The project agreement was originally signed in 2014-15. While two towers, A and D, were successfully completed, construction on towers B and C remained unfinished, despite GujRERA having previously granted an extension to the deadline. Approximately 30 complaints were filed by aggrieved buyers with GujRERA.
The original promoter, Ashish Bhalla of WTC Noida Development Company, was reportedly arrested for alleged real estate fraud, rendering his company unable to complete the project. To address the stalled construction and safeguard investors, GIFT City and GujRERA are actively exploring options. These include allowing an association of allottees (buyers) to take over the project, or bringing in a substitute entity to ensure its completion.
Section 8 of the Real Estate (Regulation and Development) Act (RERA) allows for an association of allottees to take a project forward in such circumstances. Authorities aim to finalize a plan to complete the project soon.
This intervention highlights the growing regulatory focus on ensuring project delivery in crucial economic zones like GIFT City, an emerging global financial and IT hub, where stalled projects can impact its reputation and development pace.
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