GIFT City Pulls Plug on WTC Project, Leaving Investors in Limbo

Dozens of investors are left in the dark following the formal revocation of the development rights of the World Trade Centre (WTC) project by GIFT City officials, a huge blow to investors in the ambitious business hub.

 

Key Highlights:

 

•⁠  ⁠The administration of GIFT City terminated the agreement with WTC Noida Development Company Private Limited for repeated delays, non-payment of ₹27.64 crore of dues, and failure to adhere to project timelines. The notice was served in September 2023, and rights were revoked on May 7, 2025, after a wait of long duration.

 

•⁠  ⁠Over 30 complaints have been received by the Gujarat Real Estate Regulatory Authority (GUJRERA), primarily by investors—largely NRIs—awaiting possession or guaranteed returns for several years.

 

•⁠  ⁠The 2014-approved WTC project did not see any major progress despite constant reminders from the government. It was to have four towers and more than 1,300 units, but increasing legal issues and financial shortcomings kept its development pending.

 

•⁠  ⁠The World Trade Centers Association also canceled the license of WTC GIFT City and 12 other Indian projects in February 2025 due to gross contract violations and reputational concerns.

 

Prospects: With the fate of the project hanging in the balance and no relief in sight from regulators, investor confidence is dampened. The incident continues to highlight the risks of high-end real estate ventures and the need for strengthening investor protection mechanisms in India's growing financial centers.

 

Source: DeshGujarat, Ahmedabad Mirror, Economic Times Realty