Gandhinagar: In a significant setback to investors and allottees, the GIFT City authority has cancelled the development agreement for the World Trade Centre (WTC) project located in the non-SEZ area of GIFT City. The cancellation effectively ends the construction rights of promoter WTC Noida Development Company Private Limited, leaving the future of the project uncertain.

The GIFT City authority formally informed the Gujarat Real Estate Regulatory Authority (GUJRERA) about the termination. The decision comes amid rising legal disputes and over 30 complaints filed with GUJRERA, primarily regarding delayed possession and failure to deliver assured returns.

Meanwhile, an investor told a newspaper that they are shocked as their investments are stuck, and despite fighting the case at RERA for years, they received no relief. He added that most investors are NRIs, now left worried about their hard-earned money.

Originally approved in 2014, the project saw minimal progress despite repeated reminders from the authorities. The promoter failed to meet timelines and did not pay dues worth ₹27.64 crore, as per a revised schedule. A termination notice was first issued on September 8, 2023, and rights were formally revoked on May 7, 2025.

The WTC GIFT City project includes four towers—three commercial (Towers A, B, D) and one mixed-use (Tower C)—with over 1,300 units. With development rights cancelled and mounting legal challenges, the project’s future remains uncertain. DeshGujarat