Noida: Greater Noida Industrial Development Authority (GNIDA) is faced with staggering dues of Rs 4,081 crore from 21 major real estate projects. With cases pending in various legal platforms — from the National Company Law Tribunal (NCLT) to the Supreme Court — the Authority’s recovery efforts have hit a judicial roadblock.A report by GNIDA has revealed that each of these projects owes more than Rs 100 crore, with real estate major Supertech Ltd leading the defaulters’ list. The company’s outstanding dues of Rs 903 crore span across three projects — Rs 312 crore for a project in Sector 1, and Rs 590 crore for two projects in Sector 16B. All these projects are currently under NCLT proceedings.Following closely is Unitech Ltd, with pending dues of Rs 828 crore across four projects in Pi 1 and 2. These projects are now under the supervision of a Supreme Court-appointed board.Gaursons Group’s ventures — Gaursons Hi-Tech Infrastructure and Gaursons Promoters — collectively owe Rs 303 crore. While they have deposited the premium and lease rent, a high court stay remains in effect regarding additional compensation. The dues include Rs 197 crore for Gaur City-1 in Sector 4 and Rs 107 crore for a Sector 16C project.ATS Infrastructure’s project in Chi-IV has accumulated dues of Rs 201 crore. Though a recovery certificate was issued on May 29, 2023, the company’s petition in the Allahabad high court has resulted in a stay on coercive action.Omaxe Ltd’s NRI City project in Omega-2 has dues of Rs 278 crore. Following a recovery certificate, the high court stayed coercive action on Feb 20, 2020. It asked the company to deposit Rs 10 crore, which Omaxe fulfilled.La Residentia Developers, allotted land in Techzone-4 in 2010, owes Rs 244 crore. The case is particularly complex as the Supreme Court ruled in 2019 that 19.75% of the project (632 units) belongs to Amrapali Group. Amrapali’s court receiver R Venkatramani has requested adjustments in land payments and recommended waiving the interest and penalties during the litigation period.Other significant defaulters include Earth Town Infrastructure (Rs 229 crore), Earthcon Universal Infratech (Rs 151 crore), Connoisseur Infrabuild (Rs 154 crore), Subhkamna Buildwell & Estates (Rs 133 crore), and AVJ Developers (Rs 116 crore). All of them are under NCLT proceedings.Mahagun India Ltd, which owes Rs 125 crore to the Authority, has secured a high court stay related to additional compensation, with a revision petition pending with the state govt. Gayatri Hospitality and Realcon’s Rs 117-crore case is linked to La Residentia Developers’ petition, with the high court ordering no coercive action. A GNIDA official said, “We are seeking legal opinion to explore possible resolutions in all these cases. Till then, it’s wait and watch.”
