The development agreement for the World Trade Centre (WTC) project in the non-SEZ zone of GIFT City has been officially annulled by Gujarat International Finance Tec-City Company Limited (GIFTCL), stripping promoter WTC Noida Development Company Private Limited of all construction rights. This termination, communicated to the Gujarat Real Estate Regulatory Authority (GUJRERA), marks a major blow for investors and property buyers awaiting completion.
Legal complications and prolonged project delays have surrounded the development for years. More than 30 formal grievances have been registered with GUJRERA, centred on overdue possession and the promoter&rsquo;s inability to deliver the promised returns. Despite being granted approval in 2014, the project saw negligible advancement, even after repeated notifications from the governing authority.
GIFTCL initially served a termination notice on September 8, 2023, after the promoter failed to fulfil the revised financial obligations outlined in the Supplemental Agreement to ATL, which included Rs 27.64 crore in outstanding dues. The final decision to terminate the agreement was executed on May 7, 2025.
Investor CA Sunil Agrawal, involved in the legal proceedings, expressed deep concern: &ldquo;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.&rdquo;&nbsp;
He further added, &ldquo;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. We are very disappointed and concerned about our hard-earned money. Most of the investors are NRIs.&rdquo;
The planned WTC complex comprises four high-rise buildings&mdash;three office towers labelled A, B and D, and a mixed-use tower C&mdash;containing more than 1,300 units. Though GUJRERA had extended the completion deadlines for Towers B and C, the developer failed to meet the revised targets and did not request any further extensions. Multiple complaints regarding halted work and delayed delivery led to the final cancellation.
Legal representatives for the promoter informed the authority that a collaboration with the Bhutani Group had been initiated to revive the stalled project. However, despite RERA&rsquo;s order to recommence construction, the proposed partnership failed to materialise.
Adding to the promoter&rsquo;s difficulties, the World Trade Centers Association rescinded the licence issued to WTC Noida Development due to repeated breaches of contractual conditions. Moreover, the Enforcement Directorate arrested promoter Ashish Bhalla on March 7 in connection with a wide-ranging real estate fraud investigation.
As development rights stand revoked and construction remains indefinitely paused, concerns mount among stakeholders, particularly non-resident Indian investors, who now face an uncertain future with significant funds locked in the abandoned project.
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Investors left in crisis as GIFTCL terminates WTC deal over delays, dues, and licence breaches.

WTC Project in GIFT City Officially Terminated

Investors left in crisis as GIFTCL terminates WTC deal over delays, dues, and licence breaches.

June 21, 2025 | 24:39 IST