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Gujarat Real Estate Regulatory Authority (GujRERA) has formally approached the Urban Development Department (UDD) to help resolve the long-stalled World Trade Centre project at GIFT City. The move follows mounting complaints from buyers and the arrest of the project’s promoter by the Enforcement Directorate in a real estate fraud case.
Launched nearly a decade ago, the project was originally planned to include four towers. While two were completed, construction on the remaining towers came to a halt, leaving thousands of investors in limbo. GIFT City authorities have since cancelled the development agreement for the unfinished towers, and the association of allottees has expressed its inability to take over completion responsibilities.
In a rare step, GujRERA has asked the UDD to explore alternative solutions to safeguard buyer interests and ensure project delivery. Sources indicate that GIFT City is open to stepping in and is currently evaluating possible routes to resume construction.
Separately, GujRERA has issued new directives to banks, tightening norms around project loan approvals. Lenders have been instructed to avoid sanctioning loans for units already sold prior to mortgage execution and to ensure proper registration of mortgage deeds with revenue authorities. The guidelines aim to prevent financial irregularities and enhance transparency in real estate financing.
The WTC case has become a flashpoint for regulatory reform, highlighting the need for stronger oversight and contingency mechanisms in stalled developments.
