Greater Noida: Project stalled for years gets new developer in Techzone 6

The authority had handed over the project to Earth Iconic Infrastructures Pvt Ltd in 2012 with the condition that 1 lakh sq m will be developed within 10 years

Greater Noida Realty firm Splendor Group has taken over the 37.5-acre project Earth Titanium which has remained stalled for a decade in Techzone 6area.

Officials said the company has settled a case related with corporate insolvency resolution pending in the national company law tribunal (NCLT) and has assured the Greater Noida authority to clear its land cost dues while also delivering the project to homebuyers soon. (HT Photos)

Officials said the company has settled a case related with corporate insolvency resolution pending in the national company law tribunal (NCLT) and has assured the Greater Noida authority to clear its land cost dues while also delivering the project to homebuyers soon.

The authority had handed over the project to Earth Iconic Infrastructures Private Limited in 2012, with the project condition that 100,000 square metres will be developed within 10 years. Around 1,000 homebuyers bought units in the project that was supposed to be developed on 37.5 acres meant for a special economic zone (SEZ). The company raised around ₹500 crore from homebuyers and later fled.

However, the project never started, leaving all 1,000 homebuyers in lurch.

In 2018, a Corporate Insolvency Resolution Process (CIRP) was started with the NCLT for Earth Titanium. Later, in January 2020, the CIRP failed and the company went for liquidation that was initiated the same year. Nobody appeared for resolution during NCLT - CIRP. Subsequently, homebuyers contacted Splendor Group to invest money and revive, Shashank Raghav, lawyer for homebuyers, said.

“The developer could not start the construction properly, and the homebuyers kept waiting. But now we will deliver this project,” Benu Sehgal, director of Splendor Group, said.

The homebuyers and the Splendor Group officials on Saturday met with the Greater Noida authority’s additional CEO Saumya Srivastava and discussed the roadmap.

“If the new developer will clear our land cost dues, and also deliver justice to the homebuyers, then the authority will play its role as per the law in the revival of this project,” Srivastava said.

“Our affidavit to the authority is our assurance. When we clear dues after NCLT clearance, it’ll be a transparent and accountable process. Everyone gets what’s due to them, including homebuyers, Greater Noida authority and other stakeholders. We are ready to infuse the required funds in payment of the land cost dues and also funds to build and deliver the units to the homebuyers,” Sehgal maintained.

Meanwhile, homebuyers welcomed the move. “We fought for over a decade. We’re grateful to the Greater Noida authority and Splendor. Let this be the start of many such stories,” said Arvind Kumar Awasthy, one of the homebuyers.