In a major development that could reshape Noida’s troubled real estate sector, the Economic Offences Wing (EOW) is preparing for action against 15 builders operating in Noida. According to sources, the investigation process has reached its final stage after the Noida Authority submitted all required records and documents related to stalled projects and suspected financial irregularities.
After earlier high-profile cases involving Jaypee Group and Supertech, this fresh move signals a widening crackdown on developers accused of wrongdoing, particularly fund diversion and failure to deliver projects despite collecting money from buyers.
Rs 55,000 Crore Stuck, 30,000 Families Still Waiting
The scale of the issue is massive. It is estimated that nearly Rs 55,000 crore of authority dues and project-related funds are locked across these 15 projects. At the same time, around 25,000 to 30,000 homebuyers continue to wait for possession of their homes, some for over a decade.
For many families, these stalled projects represent not just financial loss but years of emotional stress and uncertainty. Despite repeated assurances and revival plans, large parts of Noida’s housing landscape remain incomplete.
Fund Diversion at the Core of the Probe
A key allegation under EOW scrutiny is fund diversion—where money collected from homebuyers for a specific project was allegedly diverted to other projects or companies. This practice is believed to be one of the main reasons several developments ran out of funds midway, leaving towers incomplete and buyers stranded.
The Uttar Pradesh government had earlier implemented the Amitabh Kant Committee policy to revive stalled projects. While several developments benefited, Noida Authority claims some builders failed to cooperate or show seriousness even after policy support, forcing the authority to escalate the matter to EOW.
Builders Named in Authority’s Report
According to sources, the builders and companies named in the report sent to EOW include:
◆Kindale Infraheights Limited
◆Assotech Contracts Limited
◆IVI Prime
◆Antriksh Developers & Promoters
◆Logix City Developers
◆Today Homes Noida Limited
◆GSS Procon
◆Granat / Grenaat Gate Private Limited
Additionally, names such as Shubhkamna Buildtech, Sikka Infrastructure, Sunshine Infravell, Mahagun Real Estate, and TGB Infrastructure are also reported to be part of the submitted list.
Possible FIRs and Legal Action Ahead
With formal scrutiny nearly complete, EOW action—ranging from FIRs to arrests and attachment of properties—may follow in the coming days or weeks. Officials say the objective is not only punitive action but also accountability, recovery of diverted funds, and possible revival of viable projects.
For thousands of affected homebuyers, the next phase of the investigation is being seen as a crucial test of whether long-delayed justice and housing relief will finally materialise.
