NOIDA: Noida Authority has filed a complaint with the Delhi Police’s Economic Offences Wing against yet developer of another stalled group housing project for financial irregularities and diversion of funds.
GSS Procon was allotted a 10,306 sqm plot in Sector 143A in 2010 for a group housing project Victory Crossroads and promised to deliver 288 units. Noida Authority said the realtor did not complete the project’s construction within the stipulated period and is yet to clear Rs 91 crore in land dues.
Promoters—Harvinder Singh Sikka, Gurnit Singh Sikka, Pramod Goyal and Sandeep Goyal—allegedly sold the flats and created third-party rights. Officials said the promoters allegedly also diverted funds instead of depositing them with the Authority, which led to financial losses and difficulties for homebuyers. The project is undergoing insolvency proceedings in the NCLT.
Noida Authority CEO Lokesh M said he has now urged the EOW to initiate an investigation against the developer and the four promoters.
This is the fourth developer to face an investigation by the EOW since Nov 2024, after Shubhkamna Buildtech, IVR Prime Developers, and Logix City Developers Pvt Ltd.
Complaints against Shubhkamna and IVR Prime were filed with the EOW in Jan, and against Logix City Developers in Nov last year.
The Authority claimed Shubhkamna promoters—Mukesh Khurana, Diwakar Sharma, Kamal Singh Rothan, Harish Kumar and Piyush Tiwari—allegedly created third-party rights by selling flats at their group housing project Shubhkamna Tech Homes in Sector 137 but diverted the funds without clearing its Rs 165 crore land dues, even as no-occupancy certificates were issued for the 692 flats.
IVR Prime Developers (formerly IVRCL Infrastructure) was allotted 1.3 lakh sqm of land on April 18, 2007, for the Ajnara Ambrosia project in Sector 118. The project has 4,065 sanctioned flats, but only 3,385 units have been constructed, none of which have been registered. The developer owes the Noida Authority over Rs 660 crore. IVR Prime promoters Ila Reddy, E Sudhir Reddy, K Ashok Reddy, R Balrami Reddy, E Sunil Reddy, TN Chaturvedi, RC Sinha, TRC Bose, and Ashish Dhawan allegedly also created third-party rights by selling flats and misused the proceeds without clearing Noida’s dues.
In Nov last year, it filed a complaint against the promoters of Logix City Developers Pvt Ltd over Rs 666 crore dues and missed delivery timelines for its Blossom Zest housing project in Sector 143.
