Greater Noida’s long-stalled Earth Titanium housing project in Techzone 6 is set for revival after over a decade, with real estate firm Splendor Group stepping in to take over the 37.5-acre development. The group has settled the corporate insolvency case pending before the National Company Law Tribunal (NCLT) and assured the Greater Noida Authority that it will clear land cost dues and deliver long-delayed homes to around 1,000 buyers who had invested nearly ₹500 crore in the project.

The authority had handed over the project to Earth Iconic Infrastructures Private Limited in 2012, with the project condition that 100,000 square metres will be developed within 10 years. Around 1,000 homebuyers bought units in the project that was supposed to be developed on 37.5 acres meant for a special economic zone (SEZ). The company raised around ₹500 crore from homebuyers and later fled.

However, the project never started, leaving all 1,000 homebuyers in lurch.

In 2018, a Corporate Insolvency Resolution Process (CIRP) was started with the NCLT for Earth Titanium. Later, in January 2020, the CIRP failed and the company went for liquidation that was initiated the same year. Nobody appeared for resolution during NCLT – CIRP. Subsequently, homebuyers contacted Splendor Group to invest money and revive, Shashank Raghav, lawyer for homebuyers, said.

“The developer could not start the construction properly, and the homebuyers kept waiting. But now we will deliver this project,” Benu Sehgal, director of Splendor Group, said.

The homebuyers and the Splendor Group officials on Saturday met with the Greater Noida authority’s additional CEO Saumya Srivastava and discussed the roadmap.

“If the new developer will clear our land cost dues, and also deliver justice to the homebuyers, then the authority will play its role as per the law in the revival of this project,” Srivastava said.

“Our affidavit to the authority is our assurance. When we clear dues after NCLT clearance, it’ll be a transparent and accountable process. Everyone gets what’s due to them, including homebuyers, Greater Noida authority and other stakeholders. We are ready to infuse the required funds in payment of the land cost dues and also funds to build and deliver the units to the homebuyers,” Sehgal maintained.