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The Greater Noida Industrial Development Authority (GNIDA) has taken action against developers with outstanding dues, issuing recovery certificates (RCs) to Antriksh Engineers, Elegant Infracon, and MSX Realtors, who collectively owe over INR 159 crore. The recovery follows a December 2023 policy offering interest waivers on stalled housing projects. GNIDA has already collected INR 550 crore in initial deposits and expects an additional INR 1,302 crore from remaining payments, marking progress in resolving overdue liabilities.
One of three developers who faced recovery certificates (RCs) from the Greater Noida Industrial Development Authority (GNIDA) has cleared its dues, while the remaining two are facing property attachment. Recently, recovery notices were issued to Antriksh Engineers, Elegant Infracon, and MSX Realtors, who collectively owe over INR 159 crore to the authority. In response, Elegant Infracon paid INR 8.48 crore, which represents 25% of its total outstanding dues. Advertisement
The authorities have warned that if the remaining developers fail to settle their dues, the GNIDA will proceed with seizing and auctioning their assets. Official data shows that Antriksh Engineers' project, Antriksh Golf Link in Sector 1, owes INR 110.19 crore; Elegant Infracon's Elegant Ville in Techzone 4 owes INR 35.91 crore; and MSX Realtors' Alpha Homes in Sector Alpha 1 owes INR 13.71 crore.
Antriksh has 1,184 sanctioned flats, Elegant Infracon has 768, and MSX Realtors has 187 units. The recovery notices were issued after these developers missed the deadline for a state government policy launched in December 2023, which offered interest waivers on stalled housing projects.
Since the policy was implemented, 73 out of 98 developers have agreed to take advantage of the scheme, depositing 25% of their recalculated dues. As a result, 8,106 flats were registered between February and October this year. Thirteen projects had their liabilities reduced to zero following recalculations, and nine developers paid their full dues. However, 22 projects are embroiled in legal disputes and have received 'no coercive action' orders from the courts, while RCs have been issued against the remaining projects.
GNIDA has already collected approximately INR 550 crore from the initial 25% deposits under this policy, with the authority projecting an additional INR 1,302 crore could be collected in the next year as developers settle the remaining 75% of their dues.
The GNIDA has taken decisive action to collect dues from developers, with a clear warning of asset seizure if payments remain outstanding. The ongoing collection, along with the successful policy implementation, indicates the authority's strong efforts to address overdue payments and improve the stalled housing projects in Greater Noida.
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