Supreme Court Pushes GNIDA for Homebuyer Redressal

The Supreme Court criticized the Greater Noida Industrial Development Authority (GNIDA) for mishandling homebuyer grievances, threatening a CBI probe if no plan is proposed. Following legal complications, GNIDA is advised to develop stalled projects. A PSU offers to undertake projects unresolved by the debt-laden realty firm Earth Infrastructure.

The Supreme Court has issued a stern directive to the Greater Noida Industrial Development Authority (GNIDA) to formulate a concrete proposal for addressing the grievances of beleaguered homebuyers.

A bench led by Chief Justice Sanjiv Khanna held the GNIDA accountable for the mismanagement and warned of a potential Central Bureau of Investigation (CBI) probe if the authority fails to propose adequate redressal measures within ten days. The homebuyers, caught in the prolonged delays of stalled housing projects, may see some relief if GNIDA takes decisive action.

In the midst of drawn-out insolvency processes, Alpha Corp Development's acquisition of projects left by Earth Infrastructure is in question as a PSU expresses willingness to step in. The Supreme Court's intervention is pivotal in ensuring homebuyers are not left adrift due to the financial and administrative lapses of involved entities.

(With inputs from agencies.)