GIFT City, GujRERA likely to opt for new entity to complete stalled WTC project
The authorities are now exploring options including allowing the association of allottees to take over the project or bringing in a substitute entity to ensure completion in order to protect the investors whose funds remain locked in the stalled project.
The commercial project agreement was originally signed in 2014-15. While the developer successfully completed two towers (A and D), construction of towers B and C remains incomplete despite the deadline extension granted by GujRERA.
GujRERA received approximately 30 complaints from buyers citing possession delays and failure to provide assured returns to investors. GIFT City and GujRERA officials are also considering appointing a substitute entity to complete the remaining work on the towers, sources said.
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"According to Section 8 of the RERA Act, an association of allottees can be formed to take the project forward. There is also a possibility of bringing in a substitute entity by GIFT City and GujRERA to ensure the completion of the project.
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We cancelled the development agreement of the promoter WTC Noida Development Company Private Limited because there were a number of complaints regarding possession delays and incomplete construction.
Despite RERA extending the deadline for completion of towers B and C, the promoter failed to complete the project," said a top official.
"There is no possibility that the WTC Noida Development Company can complete the project because its promoter, Ashish Bhalla, was arrested by the Enforcement Directorate for alleged real estate fraud. In such a situation, we decided to protect the interest of investors and will finalize the plan to complete the project soon," the official said.
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