To rein in real estate defaulters, the Noida Authority has issued a recovery certificate against Antriksh Developers and sought police action against GS Promoters, both of whom have defaulted on substantial payments related to their respective housing projects.
Antriksh Golf View I Faces Recovery Action
Antriksh Developers and Promoters, builders of Antriksh Golf View I in Sector 78, have defaulted on Rs 273 crore in dues, according to Noida Authority officials. Despite multiple notices and opportunities to settle payments under the Uttar Pradesh government’s rehabilitation policy introduced in December 2023, the builder failed to comply. “We have acted against financial defaulters as per the law,” said Lokesh M, CEO of the Noida Authority. A Recovery Certificate (RC) has been issued against the developer, and the Gautam Budh Nagar district administration has been directed to recover the amount as land revenue.
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In May 2024, the authority had also pasted a public notice at the housing society’s entrance, alerting residents about the builder’s pending dues. As the situation remained unresolved, the matter was escalated to the Economic Offences Wing (EOW) to investigate and possibly prosecute the developer for financial misconduct.
GS Promoters Accused of Erasing Dues Notice
In a separate case, the authority has asked police to register an FIR against GS Promoters, developers of Sikka Karmic Greens, for allegedly tampering with a public notice board meant to inform residents about outstanding dues.
During an inspection on April 2, 2025, the authority found that the notice—which had been pasted in May 2024—was defaced with black ink. GS Promoters reportedly owed Rs 90 crore as of December 2023. Under the rehabilitation policy, their revised liability could have been reduced to Rs 73 crore if they had paid 25% of the amount upfront. However, the builder deposited only Rs 58 lakh—far short of the required Rs 18 crore. A revision petition by the builder is currently pending with the state government, but the authority has made it clear that non-compliance will invite legal consequences.
Wider Crackdown on Defaulting Projects
The actions are part of a broader effort by the Noida Authority to clean up the city’s real estate landscape, which has been plagued by stalled and defaulting projects. Authority data shows that 57 housing projects have failed to clear dues. Of these:
6 developers were granted complete waiver after receiving a two-year zero-period benefit for the Covid years.
27 developers paid the required 25% of revised dues to qualify for relief.
14 others made only partial payments and risk losing the benefits.
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About the Rehabilitation Policy
Launched in December 2023, the Uttar Pradesh Government’s rehabilitation policy was designed to assist developers impacted by the Covid-19 pandemic. It offered a two-year waiver on interest and penalties accrued during the pandemic years—provided developers deposited 25% of their revised dues within two months of accepting the scheme. Projects under insolvency were also eligible, subject to withdrawal of ongoing legal cases.
Despite these concessions, several builders failed to meet their obligations, prompting the authority to take a firmer stance.