The Noida Authority has conditionally restored relief benefits under the Uttar Pradesh government’s stalled-housing-project policy to Sikka Infrastructure Private Limited for its Group Housing project ‘Sikka Karnam Greens’ in Sector 143B, Kolkata, after a previous revocation triggered by outstanding dues of about ₹252 crore.
Under the December 2023 relief policy, delinquent developers were to pay 25 % of recalculated dues upfront, with the balance phased over two years. In Sikka’s case, dues were revised from approx. ₹210 crore to ₹252 crore after factoring prior unpaid amounts. The builder pledged 111 unsold flats and shops worth the same amount as collateral, with 31 units already sealed and 80 more proposed for sealing, to secure the Authority’s interest.
The benefits will be officially restored once Sikka withdraws their pending revision petition with the state government and secures a mortgage-permission (PTM) in favour of the SWAMIH Investment Fund—a central-government-backed vehicle aimed at reviving stalled projects. Until these conditions are met, the recovery certificate issued earlier remains in force and monitoring will continue.
For homebuyers in the project—sanctioned for 1,351 units and with 749 completed but only 323 certificate-issued—this development signals a potential revival path, albeit one contingent on the builder fulfilling all remittance and regulatory steps.
