GujRERA Steps In to Revive Stalled WTC Towers at GIFT City

GIFT City and the Gujarat Real Estate Regulatory Authority (GujRERA) are actively exploring measures to protect investor interests and ensure the completion of stalled real estate projects, following the termination of the development agreement with WTC Noida Development Company for Towers B and C of the World Trade Center at GIFT City.

While Towers A and D were completed as per the original 2014–15 agreement, Towers B and C remain unfinished despite multiple deadline extensions. GujRERA has received around 30 investor complaints, primarily concerning delayed possession and non-payment of assured returns.

Authorities are now evaluating options under Section 8 of the RERA Act, which allows either an association of allottees or a replacement developer to take over and complete the project. These efforts aim to resolve the impasse and revive the stalled commercial towers, restoring confidence in the development at GIFT City.

News by Rahul Yelligetti.