In a first-of-its-kind step, the Gujarat government is considering handing over the stalled World Trade Center (WTC) project in GIFT City to associations of allottees for completion after the original promoter was arrested in a fraud case.
A committee headed by the Chief Secretary has taken the decision in principle. While Towers A and D of the project are complete, construction of Towers B and C remains pending. Allottees of Tower C have already formed an association, and buyers of Tower B are in the process of creating one.
If the associations agree to raise funds and appoint contractors to complete the remaining work, GIFT City authorities may revive the cancelled lease and update the project registration with the Gujarat Real Estate Regulatory Authority (GujRERA).
The proposal follows GujRERA’s reference to the state government under Section 8 of the Real Estate Act after project timelines expired and registrations were cancelled. Around 90 buyers have filed complaints seeking possession of their units. Officials said the state government and regulatory agencies will coordinate to ensure completion of the project, while alternative options will be explored if allottees choose not to take over the work.