Noida Authority files Complaint against Shubhkamna Buildtech & IVR Prime Developers

The Noida Authority has lodged a complaint with Delhi Police’s Economic Offences Wing (EOW) against developers Shubhkamna Buildtech and IVR Prime Developers for defaulting on payments and misusing funds collected from flat sales. 

The Authority accused the promoters of Shubhkamna Buildtech and IVR Prime Developers of diverting funds meant for land dues, causing significant financial losses and distress to homebuyers. 

According to the Authority, the builder owes over Rs. 165 crore, and none of the 692 flats have received an occupancy certificate. 

Noida Authority CEO Lokesh M stated that Shubhkamna promoters Mukesh Khurana, Diwakar Sharma, Kamal Singh Rothan, Harish Kumar, and Piyush Tiwari sold flats in their group housing project, Shubhkamna Tech Homes in Sector 137, without clearing their land dues.

As a result, the Authority filed a complaint with EOW on Tuesday, requesting an investigation into the financial irregularities. 

Shubhkamna Buildtech was allotted a 22,566 sqm plot for the project on March 23, 2010. The land possession was granted on August 20 of the same year after a lease agreement was finalized in July. 

Similarly, IVR Prime Developers (formerly IVRCL Infrastructure) was allocated 1.3 lakh sqm of land on April 18, 2007, for the Ajnara Ambrosia project in Sector 118. The project includes 4,065 approved flats, but only 3,385 units have been constructed, none of which have been registered. The developer currently owes Noida Authority over Rs. 660 crore.

According to a statement from the Authority, promoters Ila Reddy, E Sudhir Reddy, K Ashok Reddy, R Balrami Reddy, E Sunil Reddy, TN Chaturvedi, RC Sinha, TRC Bose, and Ashish Dhawan allegedly sold flats and misused the funds, creating third-party rights.