Noida's Grand Venice Project Declared Unfit For Occupancy By The SC; Rs 1,000 Crore Investor Money Stuck

A Supreme Court-commissioned panel has found that the Grand Venice Project in Greater Noida is unfit for occupancy. The reason cited was incomplete construction as investors waited for over 15 years to take delivery of office spaces, stores, and a hotel.

The two-member committee, in its report, notes that the basic facilities like staircases, lifts, air conditioning, restrooms, and statutory clearances are missing. It flagged large-scale negligence by the project developer, Bhasin Infotech and Infrastructure Private Limited (BIIPL).

A mall is currently operational on the ground floor at Plot No SH3, Surajpur Site 4, Greater Noida. But the rest of the structures remain unfinished.

Around Rs 1,000 crore of investors' money is stuck in the project.

The panel, headed by former judge Deepak Gupta and comprising senior advocate Rekha Palli as a member, noted that the developer collected a premium price, Rs 6,500-Rs 10,000 per square foot, in 2010.

Almost 75 per cent of the allottees claimed to have paid 90 per cent of the total consideration as a down payment. However, many investors registered criminal cases against BIIPL and its promoter, Satinder Singh Bhasin, with the units still undelivered.

The committee's preliminary report was prepared by Anant Kumar, former special director general at the Central Public Works Department (PWD) and former PWD engineer-in-chief. His technical expertise was used to assess the site.

At the site, Kumar found material deviations against the sanctioned plans, with a lot of work still pending. The fire clearances obtained on July 25, last year, were valid till a height of 57.15 metres. It was the eighth floor out of 15 floors, he submitted.

"The preliminary inspection clearly indicates that the project, in its present state, does not meet the requirements for completion, statutory compliance," he told the committee.

Among other issues that he flagged, the 15th floor is yet to be constructed. Besides, there is no partition wall from the ninth to the 14th floor, due to which one cannot identify an individual unit from another.