Greater Noida: A project that has been on hold for years gets a new developer in Techzone 6
By Bricksnwall | 2025-09-29
The authority gave the project to Earth Iconic
Infrastructures Pvt Ltd in 2012, with the stipulation that 1 lakh square meters
will be built in 10 years.
The 37.5-acre project Earth Titanium, which has
been on hold for ten years in the Techzone 6 area, has been taken over by the
Greater Noida real estate company Splendour Group.
The company has settled a case for corporate insolvency resolution that was still open at the national company law tribunal (NCLT). Officials added that the company has promised the Greater Noida government that it will pay off its land cost debts and deliver the project to homeowners soon.
The authority gave the project to Earth Iconic
Infrastructures Private Limited in 2012, with the stipulation that 100,000
square meters will be built within 10 years. About 1,000 people bought homes in
the project that was planned to be built on 37.5 acres set aside for a special
economic zone (SEZ). The business took over ₹500 crore from homebuyers and then
ran away.
But the project never got off the ground, putting
all 1,000 homeowners in the lurch.
The NCLT began a Corporate Insolvency Resolution
Process (CIRP) for Earth Titanium in 2018. In January 2020, the CIRP failed,
and the corporation went into liquidation, which started that same year. No one
showed up to NCLT - CIRP to settle things. Later, purchasers called Splendour
Group to put money into the company and bring it back to life, according to
Shashank Raghav, the homebuyers' lawyer.
"The builder couldn't start the work on time,
so the buyers had to wait." Benu Sehgal, director of Splendour Group,
said, "But now we will deliver this project."
On Saturday, the homebuyers and officials from the Splendour Group met with Saumya Srivastava, the Greater Noida authority's additional CEO, to talk about the plan.
Srivastava added, "If the new developer pays
off our land cost dues and gives justice to the homebuyers, then the authority
will do its job according to the law to bring this project back to life."
"Our affidavit to the authority is our promise. It will be a straightforward and accountable process when we pay off debts after the NCLT clears them. Everyone gets what they are owed, including homebuyers, the Greater Noida government, and other interested parties. Sehgal said, "We are ready to put in the money needed to pay for the land and to build and deliver the units to the homebuyers."
Source: Hindustan Times
