Noida: Two realtors face recovery notices over financial dues

The Noida authority has taken action against two real estate developers for failing to clear their financial dues, officials said on Thursday.

“We have acted against financial defaulters as per the law,” said Lokesh M, chief executive officer of the Noida authority.

Antriksh Developers and Promoters, the builder of Antriksh Golf View I in Sector 78, has failed to pay ₹273 crore in dues despite multiple notices and settlement opportunities under the government’s rehabilitation policy. In response, the Noida authority has issued a recovery certificate (RC) and directed the Gautam Budh Nagar district administration to recover the amount as land revenue. To ensure transparency, the authority had earlier pasted a public notice at the society’s entrance in May 2024, informing residents about the unpaid dues. Additionally, the authority has written to the Economic Offences Wing (EOW) to initiate action against the developer.

In another case, the Noida authority has asked the police to register an FIR against GS Promoters for allegedly tampering with a public notice board that displayed the builder’s outstanding dues. The notice, pasted at the entrance of Sikka Karmic Greens in May 2024, was found erased with black ink during an inspection on April 2, 2025. According to authority records, GS Promoters owed ₹90 crore as of December 2023. Under the stalled project rehabilitation policy introduced in December 2023, the builder could have reduced its dues to ₹73 crore. However, despite agreeing to opt for the scheme, the developer deposited only ₹58 lakh, far short of the required 25% upfront payment of ₹18 crore. A revision petition filed by the developer is currently pending before the state government.

Noida has witnessed widespread defaults, with 57 housing projects failing to clear dues. Under the rehabilitation policy, six developers had their dues completely waived after receiving a two-year zero-period benefit for the Covid years. Developers of 27 projects paid the required 25% to qualify for relief, while 14 others made only partial payments. The Noida authority has stated that it will continue to take legal action against developers who fail to meet their financial obligations.