Investors Stuck as GIFT City Cancels WTC Development Rights

RERA informed about termination of agreement with Noida company over delay in project completion, unpaid dues of Rs 27.64 crore

- Nikunj. Soni

The GIFT City authority has scrapped the development agreement for World Trade Centre GIFT City Project, dealing a heavy blow to investors and allottees. The cancellation affects the WTC Tower in the Non SEZ Area of GIFT City at Gandhinagar.

The authority informed Gujarat Real Estate Regulatory Authority (GUJRERA) of its decision. With the termination, promoter WTC Noida Development Company Private Limited can no longer continue construction as their development rights have been revoked.

Over 30 complaints sit before GUJRERA against the promoter. Investors cite possession delays and the company's failure to provide assured returns. The project is now mired in extensive legal disputes.