Noida's WTC Projects: 10 Years On, 10,000 Homebuyers Continue to Wait for Possession Amid ₹2,500 Crore Fraud Allegations
Noida, February 24, 2026: A decade after investing their life savings in premium commercial projects backed by the global World Trade Center brand, thousands of homebuyers continue to wait for possession of their units, with neither their money nor the promised 'assured returns' in sight.
In Uttar Pradesh alone, around 10,000 buyers who invested in WTC projects in Noida and Greater Noida have alleged that developer WTC Noida director Ashish Bhalla defrauded them of approximately ₹2,500 crore. Many of these investors, including senior citizens, paid nearly 85% of the purchase price but received neither possession nor the monthly returns promised under the scheme.
The Scale of Distress
Around 2,250 investors in Noida have been issued only 'paper possession' of their units. Control over leasing, rent collection and maintenance remains with WTC, as the units are 'non-lockable' and physical possession cannot be handed over. Funds collected from these investors amount to about ₹760 crore.
In under-construction or zero-construction projects, another 8,120 buyers are stuck, with total collections of around ₹1,908 crore.
Project-wise data from UPRERA and the Serious Fraud Investigation Office reveals a grim picture:
The WTC Noida CBD project has 3,628 allottees. According to SFIO, ₹604.40 crore was collected from buyers, while only ₹29.80 crore was spent on construction. Just ₹4 lakh remains in the account, with only 10.4% of the project completed.
The WTC One E project has 135 allottees. ₹369.2 crore was collected, with only ₹5 lakh remaining. Construction progress remains far from satisfactory.
The WTC Noida Quad project has 166 allottees. ₹21.76 crore was collected, with only ₹12.21 lakh remaining. No construction has taken place on site.
WTC Noida Riverside Residences in Greater Noida has 249 allottees. ₹95.08 crore was collected, with only ₹2 lakh remaining. No construction activity has taken place on the ground.
WTC Noida Cubit has 533 allottees. ₹112.87 crore was collected, with only ₹14.55 lakh remaining.
Buyer Speaks: "We Are Left in a Lurch"
Bindu Nair, an investor in World Trade Centre Noida, said she put in her lifelong savings of about ₹85 lakh, or 95% of the total amount. The project promised 12% assured returns and possession by 2024.
"It is very disappointing to see that neither WTC nor UP RERA are taking any responsibility. Investors like me who have invested in the WTC brand are now left in a lurch," she said.
Vipul Gupta, who invested in WTC CBD, said buyers have filed complaints with RERA, consumer court, High Court and NCLT, but have yet to receive substantial action. "Despite several case hearings, there has been no definitive resolution in sight despite our fight," he added.
How the Scheme Worked
Legal experts say the 'assured returns' scheme was a trap. Satya Prakash Yadav, advocate representing homebuyers, explained that the structure was essentially a 'Ponzi model,' where funds collected from new investors were used to pay returns to old investors. There was no sustainable profit source to fund the promised returns.
The so-called 'unlockable spaces' sold to investors neither qualify as an "apartment" under RERA nor can they be physically handed over. The SFIO inspection found that despite collecting over ₹4,000 crore, not a single brick has been laid in seven projects.
Major Developments
In March 2025, the Enforcement Directorate arrested Ashish Bhalla on money-laundering charges in connection with the ₹3,000-crore fraud.
The same month, the World Trade Centers Association terminated 13 licenses held by WTC Noida Development and Spire Techpark for multiple agreement violations. A WTCA spokesperson clarified that the association has not been involved in any way with the real estate development projects of WTC Noida.
In May 2025, the Delhi High Court restrained WTC Noida Development from using any WTCA registered trademarks.
Despite UPRERA issuing notices in 2022 directing the WTC group to return diverted funds, buyers continue to wait for justice. With bank balances near zero and construction stalled, thousands of families remain trapped in a decade-long nightmare.