Antriksh Developers & GS Promoters Fails to Pay Dues - Noida Govt Takes Action

According to officials, the Noida Authority has initiated action against two real estate developers for not paying their debts.

Despite many reminders and settlement options under the government's rehabilitation program, Antriksh Developers and Promoters, the company that built Antriksh Golf View I in Sector 78, has not paid Rs. 273 crore in dues, according to the study.

The Gautam Budh Nagar district administration has been instructed by the Noida authorities to retrieve the money as land revenue and has issued a recovery certificate (RC) in response.

 In May 2024, the authority had previously posted a public sign at the society's door alerting inhabitants to the outstanding balances in order to maintain openness. To start taking action against the developer, the authority has also written to the Economic Offences Wing (EOW), it stated.

As of December 2023, GS Promoters owes Rs. 90 crore, according to official data. The builder may have lowered its obligations to 73 crore under the project rehabilitation policy that was adopted in December 2023. However, the developer only made a Rs. 58 lakh investment, well below the Rs. 18 crore required upfront, even though they had agreed to choose the project. According to the article, the state administration is presently considering a modification petition that the developer submitted.

UP's rehabilitation package, which was introduced in December 2023, offered developers a number of advantages, including a two-year exemption from paying interest and penalties incurred during the pandemic, provided that the builders deposited 25% of their updated dues within two months of accepting the agreement. Insolvent projects could also benefit from the policy of cases withdrawal.

“We have acted against financial defaulters as per the law,” said Lokesh M, Chief Executive Officer of the Noida authority.