SMPL
New Delhi [India], November 25: WTC Noida Development Company Private Limited reaffirms its commitment to addressing stakeholder concerns and driving growth, following the recent press conference where key issues were comprehensively addressed. As the NCR real estate sector continues to navigate policy shifts and economic fluctuations, the company is steadfast in its resolve to protect the interests of its stakeholders while ensuring sustainable growth.
Strengthening Through Strategic Collaborations
To bolster its resilience and adaptability, WTC Noida Development Company has entered into strategic partnerships across key geographies. These collaborations have not only expedited ongoing projects but also unlocked new resources, enabling the company to offer investors diverse options such as OC-ready and fully delivered properties. These efforts align with its commitment to providing flexibility, value, and reassurance during challenging times.
The company also acknowledges and appreciates the proactive role of RERA and other land authorities in facilitating project completion and safeguarding the interests of allottees.
Focused Efforts in Faridabad
In Faridabad, the company embarked on a mission to acquire land to develop projects in collaboration with investors. The company fulfilled its obligations towards purchase of land and has successfully acquired registries and agreements for approx. 100 acres of land.
It further successfully procured two licenses from the Director General, Town & Country Planning Haryana, Chandigarh, vide licenses numbered 187/2022 (17.11.2022) and 19/2023 (03.02 2023). However, the suspension of the 'Deen Dayal Jan Awas Yojna' program, via notification Memo No. PF-27 (VOL-IV)/2023/11382, dated April 20, 2023, by the Haryana government in the districts of Faridabad and Gurugram caused a Force Majeure condition for the company.
While the suspension posed a Force Majeure situation, the company has actively worked on solutions to address the concerns of its investors.
Investor-Centric Measures
To resolve issues and provide value to investors, the company has implemented the following measures:
1. Resolved concerns for 43% of investors through direct plot allotments or refunds.
2. Provided remaining investors (57%) with flexible options, including: o Alternate plots in third-party projects.
* OC-ready and rent-generating properties.
* Staggered refund plans.
* Allotments in future projects under valid licensing policies.
Simultaneously, the company is applying for new licenses under Haryana's New Integrated Licensing Policy, 2022 (NILP) and Affordable Group Housing Policy.
Addressing Misinformation and Legal Action
Despite maintaining transparency and an investor-friendly approach, the company has faced baseless allegations from malicious elements. These individuals, with criminal charges, have sought to derail the company's efforts. Legal action has been initiated to hold these parties accountable.
Further, M.A. Sayyed, spokesperson for WTC Noida Development Company, stated: "We categorically deny the rumors about the resale of plots. The land acquired jointly with investors in Faridabad remains secure and will be utilized as per applicable DTCP policies. These recent strategic tie-ups are strengthening our ability to address stakeholder concerns effectively and driving long-term growth. We urge our stakeholders to remain confident and join us on this renewed journey toward success."
Looking Ahead
As it moves forward, WTC Noida Development Company remains dedicated to transparent communication, customer satisfaction, and sustainable development. These values, along with its proactive measures and strategic alliances, reinforce its position as a trusted partner in the real estate industry.
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