Stalled WTC GIFT City project: GujRERA starts takeover process for Towers A, B, D

Gandhinagar: The Gujarat Real Estate Regulatory Authority (GujRERA) has initiated proceedings under Section 8 of the RERA Act to take over and complete the stalled WTC GIFT Towers A, B and D project in GIFT City. Similar proceedings had earlier been initiated for Tower C.

GujRERA has frozen the project’s designated RERA bank account, withdrawn the developer’s portal access and barred further bookings.

Promoted by WTC Noida Development Company Pvt Ltd, the project was launched in November 2015 and was initially due for completion by June 2023. The deadline was extended to June 2024, but a further extension sought in May 2024 was rejected.

While Part Occupation Certificates were issued for Towers A and D in June 2020, Tower B was only around 79% complete as of April 2024. Of 1,188 units across the three towers, 1,168 have been booked.

GujRERA had directed the promoter in March 2026 to complete the project, but the order was neither complied with nor challenged, according to the authority.

The developer is also facing investigations by the SFIO and Enforcement Directorate over alleged financial irregularities. The GIFT Authority cancelled the project’s land lease in June 2025, resulting in the loss of development rights.

A majority of Tower B buyers have formed a registered association and approached GujRERA over the stalled project.

The authority has sought updated details of allottees, audited financial statements, unsold inventory and loan-related encumbrances. Buyers and other stakeholders can submit objections or representations by November 2.

GujRERA will consider the submissions before deciding on the appointment of an agency to take over and complete the project. DeshGujarat