GIFT City Revokes Development Rights for World Trade Centre Project, Leaving Investors Stuck
The GIFT City authority has canceled the development agreement for the World Trade Centre GIFT City Project, affecting over 1,300 units and leaving investors and allottees in a lurch.
Gift CityWtc Noida DevelopmentInvestorsGujreraReal Estate FraudReal EstateJun 21, 2025
The authority informed the Gujarat Real Estate Regulatory Authority (GUJRERA) of its decision. With the termination, promoter WTC Noida Development Company Private Limited can no longer continue construction as their development rights have been revoked.
Over 30 complaints sit before GUJRERA against the promoter. Investors cite possession delays and the company’s failure to provide assured returns. The project is now mired in extensive legal disputes.
Investors express shock
CA Sunil Agrawal, an investor and petitioner in the case, voiced his dismay. “We are under utter shock following the decision which is not in our interest. Now our investments and properties are stuck up. We have been fighting against the promoter before RERA for three years but did not get any relief,” he said.
“The promoter company kept taking adjournments and changing lawyers before RERA, which has the power to take over the project and assign other promoters to complete the work,” Agrawal added. “We are very disappointed and concerned about our hard-earned money. Most of the investors are NRIs.”
Gujarat International Finance Tec-City Company Limited (GIFTCL) granted development permission to the promoter in 2014. Despite numerous communications and meetings, the promoters failed to complete the project within agreed timeframes.
The unpaid Development Rights consideration amounts to Rs 27.64 crore according to the revised payment schedule in the Supplemental Agreement to ATL. After repeated communications since 2022, GIFT City authorities issued a termination notice on September 8, 2023.
Development rights were ultimately terminated on May 7. The authority’s letter highlighted multiple buyer complaints regarding possession delays and incomplete construction. Though RERA had extended the completion date for WTC Tower B and C, the promoter failed to comply. No further extension permission was sought by the promoter.
Legal troubles mount
The company’s counsel told RERA they had partnered with Bhutani group to finish the project and restart work. This plan fell through, despite RERA ordering construction to resume.
Adding to troubles, World Trade Centers Association terminated the licence held by WTC Noida Development after multiple agreement violations. Promoter Ashish Bhalla was arrested by ED for extensive real estate fraud on March 7. The project comprises four towers: three commercial towers (A, B and D) containing office space, and one mixed-use tower (C) with more than 1,300 units in total.
Frequently Asked Questions
What is the World Trade Centre GIFT City Project?
The World Trade Centre GIFT City Project is a development in the Non SEZ Area of GIFT City at Gandhinagar, comprising four towers: three commercial towers (A, B, and D) and one mixed-use tower (C) with over 1,300 units in total.
Why did GIFT City revoke the development rights for the WTC project?
GIFT City revoked the development rights due to the promoter's failure to complete the project within agreed timeframes, delays in possession, and unpaid Development Rights consideration of Rs 27.64 crore.
How many complaints have been filed against the promoter?
Over 30 complaints have been filed against the promoter, WTC Noida Development Company Private Limited, before GUJRERA.
What is the current status of the project?
The project is currently mired in extensive legal disputes, with the promoter's development rights revoked and the project facing delays and incomplete construction.
Who is CA Sunil Agrawal and what is his role in this situation?
CA Sunil Agrawal is an investor and petitioner in the case. He has been fighting against the promoter before RERA for three years and has expressed concern over the termination of the development agreement.
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