Noida : Frustrated after waiting for more than a decade for their promised homes, over 80 homebuyers of Lotus Arena, Sector 79, staged a protest on Sunday, demanding that the Noida Authority revalidate the project’s layout plan and allow construction to resume immediately.
Launched in 2014, the project was spread across 50,000 square metres and planned to deliver 1,080 flats. So far, 858 units have been sold while 222 remain unsold. However, alleged misuse of ₹387 crore by the former promoters stalled the work, pushing the project into the Corporate Insolvency Resolution Process (CIRP) in 2020.
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In 2023, the National Company Law Tribunal (NCLT) approved a resolution plan, handing over the project to Purvanchal Projects for completion. But despite this breakthrough, homebuyers say their hopes have been crushed again, this time due to the Noida Authority’s refusal to revalidate the layout plan, citing a 2021 CAG report on Sports City allotments.
Lotus Arena was the first group housing project in Noida to emerge successfully from insolvency. Yet, construction is still stalled because the Authority has withheld approval. Families have been waiting for their homes for 10 years. We fought a long legal battle to revive this project. Withholding the revalidation now is sheer injustice. Our only demand is, let construction begin.
Vishvanath Sharma, President, Lotus Arena Buyers Association
Voices from the Ground
We are fighting both EMIs and rent. Many lost jobs during Covid. Some buyers even passed away while waiting. How long will this continue?”
Niraj, Homebuyer
A man saves all his life for one roof. When that roof never comes, hope vanishes.
Seema
We are exhausted. We only want the project to be completed at the earliest.
Deepak Sinha
What will happen now?
During Sunday’s protest, buyers accused both the Noida Authority and the UP government of ignoring their plight. LABA has appealed to the state government to intervene and ensure that construction resumes under the approved NCLT resolution plan.
Homebuyers are also pursuing the matter in both the High Court and the Supreme Court and plan to meet Noida MLA Pankaj Singh and MP Mahesh Sharma soon to submit petitions. If no solution emerges, they warn of larger demonstrations at the Noida Authority office.