EOW Investigates Six Noida Builders Over Pending Dues
The Economic Offences Wing has launched a detailed probe into six Noida developers over unpaid authority dues and suspected diversion of homebuyers' funds, seeking project records from the Noida Authority.
- EOW seeks project records from Noida Authority for six builders.
- Probe focuses on unpaid dues and possible diversion of homebuyers’ money.
- Builders that skipped the UP relief scheme are under investigation.
Noida: The Economic Offences Wing (EOW) has begun investigating six real estate developers in Noida following allegations that they failed to pay large outstanding dues to the Noida Authority and may have diverted money collected from homebuyers.
The investigation was initiated after the authority referred the matter to the agency, raising concerns over the financial management of several housing projects. The case is significant because it could affect thousands of homebuyers waiting for project completion and legal clarity.
As part of the investigation, the EOW has requested detailed project-related records from the Group Housing Department at the Noida Authority headquarters in Sector 96. Officials have been asked to provide land allotment documents, lease agreements, payment history, construction progress reports, and records of outstanding dues. Investigators will examine whether the money collected from buyers was actually spent on the respective housing projects or diverted elsewhere.
The inquiry reportedly gained momentum after several developers allegedly failed to respond to repeated notices issued by the authority and did not attend meetings called to resolve their pending liabilities. Authorities have also noted that these builders did not opt for the Uttar Pradesh government’s rehabilitation package introduced on the recommendations of the Amitabh Kant Committee.
According to Noida Authority Additional Chief Executive Officer Vandana Tripathi, the relief scheme has already benefited homebuyers whose developers joined the initiative. She said nearly 4,300 flats have been registered under the scheme so far, while participating developers have deposited around ₹800 crore with the authority. Officials believe the investigation will help determine whether builders that stayed outside the scheme violated financial rules by misusing project funds.
The EOW will also examine whether funds collected from flat buyers were transferred to other projects, businesses, or financial channels. If evidence points towards illegal financial transactions, investigators may expand the probe further.
Among the developers under scrutiny are Assotech Limited, GSS Prokan Private Limited, Granite Gate Properties Private Limited, Shubhkamna Buildtech Private Limited, and IVR Prime Developer Private Limited. Together, these projects account for outstanding dues running into several thousand crore rupees.
The outcome of the investigation could have major implications for both developers and affected homebuyers, especially those waiting for delayed housing projects to move forward.
The Noida Authority is expected to hand over the requested documents to the EOW in the coming days. Investigators will review financial records, payment trails, and project documents to determine whether homebuyers’ funds were diverted from their intended purpose. Based on the findings, the agency may recommend further legal or financial action against the developers if any irregularities are established.
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