In a development that has shaken thousands of homebuyers and investors across North India, premium commercial projects marketed under the World Trade Center (WTC) brand are now at the centre of a widening legal and financial controversy. Buyers — including senior citizens who invested their life savings — say they were promised completed commercial units along with steady monthly “assured returns.” More than a decade later, many claim they have received neither possession nor the promised income, despite having paid up to 85% of the purchase price.

Buyers allege that they were sold the concept of so-called ‘unlockable spaces’ to create the illusion of a real estate investment. With their expectations shattered, buyers continue to move from one legal forum to another in a prolonged and uncertain search for justice. Several cases have been filed by buyers in RERA, NCDRC, NCLT and the High Court, according to a report by The Hindustan Times.

A WTCA spokesperson said that “The WTCA took the necessary actions to terminate WTC Noida Development Company Pvt. Ltd license agreements effective as of February 19, 2025. In May of 2025, the court preliminarily enjoined WTC Noida from using the WTCA brands, and the WTCA is presently pursuing all avenues to require our former member to discontinue all remaining uses of our brands.”

The Enforcement Directorate’s provisional attachment order dated May 2025 showed that the WTC group of companies had received funds totalling Rs. 43,64,02,40,300 from approximately 15,939 customers for various projects across India, namely in Gurugram, Faridabad, Noida, Chandigarh, and Ahmedabad. The data was gathered from the WTC group of companies during searches and statements made under Section 50 of the PMLA, 2002.

In Uttar Pradesh alone, around 10,000 buyers who invested their lifetime savings in WTC projects in Noida and the Greater Noida project have alleged that WTC Noida director Ashish Bhalla defrauded them of approximately ₹2,500 crore.

Around 2,250 investors in Noida have been issued only paper possession of their units, even after completion, while control over leasing, rent collection and maintenance management continues to remain with WTC, as the units are non-lockable and physical possession cannot be handed over. Funds collected from these 2,250 investors amount to about ₹760 crore, the buyers’ legal representative told Hindustan Times Real Estate.

In under-construction or zero-construction projects in Noida, there are 8,120 buyers. According to a report by the Serious Fraud Investigation Office, the total funds collected from these incomplete projects amount to around ₹1,908 crore. The information is based on a Delhi High Court order dated January 17, 2023, the legal representative explained.

“Buyers have filed complaints with RERA, the consumer court, the High Court, and the NCLT, but have yet to receive substantial action. Despite several case hearings, there has been no definitive resolution in sight despite our fight,” said a buyer Vipul Gupta.

Buyers indicated that investors in various projects, including WTC Noida CBD, WTC Noida Cubit, WTC Noida One E, WTC Noida Quad, and WTC Noida Riverside Residences, among others, haven’t received their possession.