Ansal API Sushant Megapolis Aastha Uday Bodaki, Greater Noida

Ansal API launched Ansal Aastha Uday in Greater Noida, a residential project spread over 1 acre, offering ready-to-move 2 BHK units with sizes of 860 sq. ft. The project was launched in November 2011 and possession was slated for November 2015.

A video showcased Ansal API's Sushant Megapolis in Greater Noida, highlighting the integration of home, work, and play, with amenities like golf villas and apartments. The 2,500-acre township near Bodaki, close to Delhi on National Highway 91, features residential plots, apartment blocks, multi-story apartments, and world-class support systems.

Thousands of Ansal API homebuyers are facing uncertainty with over 27 unfinished projects, including Sushant Megapolis, where buyers have invested up to 90% of the cost since 2007 and have not received their homes. Buyers have protested and sought legal recourse, with some advised to approach consumer forums.

Delhi Police filed an FIR against Ansal Hi-tech Township Ltd, a subsidiary of Ansal API, for fraud and criminal breach of trust due to failure to deliver houses and plots in the Sushant Megapolis project in Greater Noida, following a court order based on complaints from over a dozen homebuyers who claimed they were duped after booking in 2008. The company cited difficulties in acquiring land due to farmer protests as the reason for the delay.

Ansal API Sushant Megapolis Aastha Uday was officially launched on July 1, 2018, with an expected completion date of July 31, 2023. The project is RERA-registered under number UPRERAPRJ9841 and covers a total area of 1.03 acres.

The National Company Law Appellate Tribunal (NCLAT) dismissed a plea by homebuyers seeking to initiate insolvency proceedings against Ansal Hi-Tech Township Ltd, upholding an earlier NCLT order from January 2023. NCLAT noted that the 'Sushant Megapolis' project comprised various real estate projects with distinct characteristics and separate RERA registrations, and the homebuyers did not meet the minimum threshold required under the IBC.

Ansal API investors protested, demanding justice for their stuck investments as the NCLT appointed an interim resolution professional (IRP) to evaluate the company's projects in Lucknow, Noida, and other cities. Over 3,000 investors in the Sushant Golf City project, some waiting since 2009, face uncertainty.

The National Company Law Tribunal (NCLT) declared Ansal API bankrupt, leading to protests from investors and homebuyers. Chief Minister Yogi Adityanath directed officials to file an FIR and take strict measures against the realtor, forming a committee to support aggrieved buyers.

ET Now Swadesh discussed the insolvency of Ansal API and its impact on 7,000 buyers with approximately ₹650 crore stuck in the Sushant Lok project in Lucknow. The discussion included insights from RERA advocate Venkat Rao on regulatory oversight and corporate governance.

UP RERA imposed a fine of ₹14.4 crore on Ansal API for selling 329 unregistered flats in a project, issuing a show-cause notice and requiring the company to present the RERA registration number within 30 days or face recovery proceedings. The penalty was related to a project in Sushant Golf City.