3 years late, but 30% work still left, Golf Course contractor blacklisted
The Authority has also withheld the company's security deposit and performance guarantee.
The Rs 140-crore project, which began in July 2021 with an initial deadline of one year, has been plagued by delays, with only 68% completion achieved so far. The latest extension granted was till June 30 this year.
Deputy general manager (civil) Vijay Rawal said show-cause notices were issued to the company in Nov 2024 and June 2025, but their responses were found "unsatisfactory and baseless".
The contractor's inaction has not only delayed the project but also "tarnished the Authority's image", he added.
You Can Also Check:
Noida AQI
|
Weather in Noida
|
Bank Holidays in Noida
|
Public Holidays in Noida
The decision to blacklist the company came after a site inspection on July 7 by Authority CEO Lokesh M, who found that all construction activity had ceased. Officials said the contractor had gradually reduced the workforce over two months until the site became completely inactive, ignoring multiple notices and reminders to expedite work.
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
No annual fees for life
UnionBank Credit Card
Apply Now
Undo
by Taboola
by Taboola
The project's cost has escalated from the initial estimate of Rs 100 crore to Rs 140 crore due to rising construction material rates and design changes. The budget allocation includes Rs 107 crore for civil work, Rs 20 crore for electrical installations, and Rs 12 crore for landscaping and gardening.
The delay has affected about 1,000 people who signed up for membership before their enrollment was suspended in 2023. These members collectively contributed around Rs 50 crore to the project. The Authority has initiated proceedings to terminate the ongoing civil work contract.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
22 minutes ago
- The Hindu
Rupee falls 5 paise to 87.63 against U.S. dollar in early trade
The rupee traded in a tight range and fell 5 paise to 87.63 against the U.S. dollar, with depreciation pressures still lingering amid persistent trade uncertainty and a firm U.S. dollar backdrop. Forex traders said the rupee is trading in a narrow range as the Reserve Bank of India is protecting it at around the 87.95 level, while sustained foreign fund outflows are dragging the local unit lower. At the interbank foreign exchange market, the rupee opened at 87.56, then touched an intraday low of 87.63 against the U.S. dollar in initial trade, lower by 5 paise from its previous close. On Thursday (August 7, 2025), the rupee settled 14 paise higher at 87.58 against the U.S. dollar. 'The Indian rupee was largely unchanged in Thursday's (August 7, 2025) session, holding its ground despite fresh headwinds from additional U.S. tariffs. Steadying moves from the central bank likely helped contain volatility, even as global cues turned less friendly for emerging market currencies,' CR Forex Advisors MD Amit Pabari said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.27% to 98.13. Brent crude, the global oil benchmark, was down 0.17% at $66.32 per barrel in futures trade. 'Given the prevailing conditions, the rupee may attempt a pullback toward the 87.50 range in the near term. Immediate support lies at 87.20 — a decisive break below this level would be needed to signal a meaningful shift in trend. On the upside, resistance is seen at 87.70, with depreciation pressures still lingering amid persistent trade uncertainty and a firm U.S. dollar backdrop,' Mr. Pabari added. On the domestic equity market front, the Sensex declined 242.24 points to 80,381.02 in early trade, while the Nifty dropped 54.85 points to 24,541.30. Foreign institutional investors (FIIs) offloaded equities worth Rs 4,997.19 crore on a net basis on Thursday (August 7, 2025), according to exchange data. Meanwhile, U.S. President Donald Trump has ruled out the possibility of trade negotiations with India until the issue of tariffs is resolved. 'No, not until we get it resolved,' Mr. Trump said in the Oval Office on Thursday (August 7, 2025) in response to a question on whether he expects increased trade negotiations with India since he has announced 50% tariffs on the country. Last week, Mr. Trump had announced 25% reciprocal tariffs on India that came into effect from August 7, 2025. The U.S. President also signed an executive order slapping an additional 25% levy on India for New Delhi's purchases of Russian oil, bringing the total duties to 50%, among the highest imposed by the U.S. on any country in the world. The additional 25% duty will come into effect after 21 days or August 27.
Economic Times
22 minutes ago
- Economic Times
Swiggy shares crack 27% YTD. What's behind the fall and should you stay invested?
Swiggy shares have fallen this year due to poor financial results. The company is experiencing losses despite revenue growth. Analysts are observing potential signs of recovery in the stock. Key resistance levels are being monitored. A breakout above Rs 425 could lead to further gains. Investors should watch for a possible uptrend. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads What should investors do now? Tired of too many ads? Remove Ads Shares of food delivery major Swiggy have declined 26.75% year-to-date, weighed down by back-to-back weak quarterly results and sustained losses despite solid revenue stock has taken a sharp fall, reflecting investor concerns over profitability, aggressive spending, and rising operational costs. Although the stock has recovered partially since then, it continues to trade below key resistance Q1FY26, Swiggy reported a net loss of Rs 1,197 crore, compared to Rs 611 crore in the year-ago period. Revenue rose 54% year-on-year to Rs 4,961 crore, but total expenses surged 60% to Rs 6,244 crore, led by higher delivery-related costs (Rs 1,313 crore), advertising spends (Rs 1,036 crore), employee benefits, and logistics costs in the quick commerce results followed a disappointing Q4FY25, where the company had posted a net loss of Rs 1,081 crore, nearly double the Rs 554 crore loss in the same quarter last year, despite a 45% increase in revenue to Rs 4,410 management attributed the higher losses to scale-driven expansion across verticals, reiterating its long-term focus on sustainable profitability. CEO Sriharsha Majety said the company's 'continued investments aligned to its vision of creating convenience at scale.'Despite the weak earnings, technical analysts are witnessing signs of Gandhi, Sr. Research Analyst (Technicals) at SMC Global Securities , noted that Swiggy has rallied approximately 20–26% from its lows and is currently trading in a consolidation range of Rs 375 to Rs added that the stock is now approaching its 200-day Exponential Moving Average (EMA) on the weekly charts, located between Rs 420 and Rs 425.'A sustained breakout above this level could open the door for further upside toward the Rs 450–Rs 470 zone,' Gandhi said, cautioning that a failure to break this resistance, coupled with a slip below Rs 370, may trigger renewed selling Bhojane, Senior Equity Research Analyst at Choice Broking, offered a similarly constructive view, stating that 'Swiggy is currently trading at Rs 396 and is consistently forming higher highs and higher lows, indicating a strong uptrend.'He added that the stock is taking support from all key EMAs — 20, 50, and 100 — and that 'if the stock manages to close and sustain above Rs 400, it has the potential to rally towards Rs 440 and Rs 480 levels.'Bhojane also pointed to improving technical indicators, noting that 'the RSI is at 51.25 and trending upward' and that 'the Stochastic RSI is in the oversold region and showing a positive crossover.'He recommended using Rs 375 as a stoploss and considered any dip near Rs 385 a buying Swiggy continues to face challenges on the profitability front due to its investment-heavy growth strategy, the stock has shown early signs of technical now, analysts advise investors to monitor key levels, particularly the Rs 420–Rs 425 zone, which could determine whether the recent recovery turns into a more sustained uptrend.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Economic Times
22 minutes ago
- Economic Times
Kalyan Jewellers shares fall over 9% but target prices go up to Rs 700
Shares of Kalyan Jewellers India on Friday fell 9.4% to the day's low of Rs 534.95 on BSE after the company reported 31% YoY growth in revenue, but gross margins for the India business contracted 60 bps YoY to 13.6% due to the rising mix from franchised stores. However, brokerages like Citi and Motilal see the stock rallying up to Rs 700. ADVERTISEMENT "We model 21%/17%/21% revenue/EBITDA/PAT CAGR over FY26–28E. We reiterate our BUY rating with a TP of INR 700," Motilal Oswal said, adding that it has largely maintained its EPS estimates for FY26 and FY27. Kalyan's management indicated that there is no pent-up demand likely to emerge from the recent moderation in gold prices, as weddings have not been postponed. Studded share remained stable at 30.2% in 1QFY26 vs 30.4% in 1QFY25. Studded revenue rose 30%. Despite a higher base and increasing FOCO saliency (~43% of India revenue), profitability surprised positively (EBITDA / PAT up 35% / 49% YoY), supported by procurement gains and operating leverage. Non-south now contributes 50% of India revenue, studded share held at ~30%, and Middle East mix improved. It retained aggressive rollout guidance (170 stores in FY26 – 90 Kalyan and 80 Candere) and has plans to launch regional brands during the year."With steady demand trends, despite elevated gold prices and an accelerating store rollout, we expect Kalyan's revenue momentum to remain strong. With RoCE at 21.8% and net debt/equity (ex-GML) near zero, the business remains well placed to drive capital-efficient scale," ICICI Securities maintained its FY26 guidance of 170 new showrooms (90 Kalyan + 80 Candere), largely via the FOCO model. "We largely maintain our estimates, modelling revenue / EBITDA / PAT CAGRs of 28% / 33% / 51% over FY25–FY27E. We maintain ADD with a DCF-based unchanged target price of INR 670. At our TP, the stock will trade at a multiple of 42x FY27E EPS. Key risks: delay in showroom expansion and potentially higher competitive intensity in core South India markets," ICICI said. (You can now subscribe to our ETMarkets WhatsApp channel)
