Bhutani Infra

Bhutani Infra began in 1996 as Parmesh Complexes, a builder in east Delhi's Karkardooma, Moneycontrol reported in August 2023. The name survives in its main company, Parmesh Construction Company Limited, which The Economic Times described in July 2026 as the entity Bhutani Infra Group is part of. Its website lists Prem Bhutani as chairman and managing director and Ashish Bhutani as chief executive; Business Standard has called the latter the CEO and founder.

The group is run from Noida. Its website gives a Sector 90 address, and the RERA filings we checked list offices in its own Bhutani Alphathum building in the same sector. It is privately held, and we found no equity listing.

Bhutani works through many companies. In UP RERA's register, Cyberthum is registered by Max-Digi Infotech, Bhutani 18 by Goodliving Infrastructure, Astrathum by Parmesh Construction jointly with Yashoda Super Speciality Hospitals, and four Alphathum phases under the name Bhutani Group.

For most of its history Bhutani built commercial space in Noida. Moneycontrol named I-Thum in Sector 62 and Alphathum in Sector 90 as operational in 2023, with Cyberthum and Avenue 62 under way. Its own count of finished projects varies, from close to 14 in that interview to 16 in a PTI interview carried by Business Standard two months later.

Cyberthum in Sector 140A is the flagship, described on the website as a 26.8-acre mixed-use complex with a 46-storey commercial tower. In October 2023 the company said it had 15 million sq ft under development in four Noida projects and another 10 million sq ft planned in Goa, Haridwar, Ludhiana and Lucknow.

Housing is newer.

The bigger bets sit outside housing. Bayview Projects LLP, backed by filmmaker Boney Kapoor and the Bhutani Group, won YEIDA's bid for the International Film City near Noida airport in January 2024, and took possession of 230 acres for phase one in February 2025. In July 2026 an NCLT order let Parmesh Construction be registered for a 4.26% stake in Entertainment City Limited, which runs The Great India Place mall, and The Economic Times reported that the group plans to invest another ₹10,000 crore there.

The record on dates is mixed. Moneycontrol reported in August 2023 that Cyberthum would likely be delivered by June 2024. UP RERA's register lists 25 February 2025 as the completion date for its phases A, B, E and H, and, as of 4 October 2026, marks phases B and H "Default on QPR", the regulator's tag for missed quarterly progress reports. Alphathum phases III and IV, which RERA dated for completion in 2022, carry the same tag. We didn't find occupancy certificates for these phases in our check.

UP RERA also sent the group a notice in April 2023. The CEO told PTI it concerned buyers who wanted refunds because they couldn't pay at possession, and that the refunds had been made. On Bhutani 18, the latest filing shows construction 38.58% complete at 30 June 2026 against a completion date of 30 December 2026.

Disclosure is thin. The website has an investor page with links to quarterly results for 2024-25 and 2025-26, but the files returned errors when we tried them on 4 October 2026, and we found no credit rating for Parmesh Construction from a rating agency.

What is on record comes from deals and regulators. Business Standard, citing ET, reported in July 2024 that Bhutani had taken a majority stake in WTC Noida to finish stalled World Trade Center projects needing at least ₹3,000 crore. In February 2026 YEIDA penalised the Film City company for missing the six-month deadline to show financial close on a project cost of about ₹1,510 crore, The Times of India reported; the CEO said the paperwork would follow within a week.

The largest matter is the Enforcement Directorate's money-laundering case linked to the WTC Group. On 27 February 2025 the ED searched premises of the WTC Group, the Bhutani Group and both groups' promoters, acting on police cases registered in Faridabad and by the Delhi Police economic offences unit. The agency said it found records of more than ₹3,500 crore collected from investors across 15 projects, with very few delivered, and that WTC assets had been moved to the Bhutani group at nominal value, The Times of India reported.

Bhutani Infra said it had cut ties with the WTC Group earlier that month, had no financial or operational link to it, and was cooperating. The ED arrested the WTC Group's promoter in March 2025 and named him the main beneficiary. We found no later report on how the case stands for Bhutani.

In Goa, the Bombay High Court dismissed public-interest petitions against Acqua Eden in November 2025, calling the objections unsubstantiated and recording the developer's undertaking not to start work without environmental clearance. In September 2026 the Supreme Court issued notice on Goa Bachao Abhiyan's appeal. Counsel for Unitech has said the June 2026 NCLT order on Entertainment City will be challenged on appeal.

Find out which company you're contracting with. Bhutani projects are registered through several entities, and on Bhutani 18 the RERA papers name both Goodliving Infrastructure and Parmesh Construction. Your agreement, receipts and the RERA collection account should all show the same promoter.

Look up the exact phase on up-rera.in before paying. For Cyberthum or Alphathum units, check whether the "Default on QPR" tag has been cleared and ask for the occupancy certificate of your block. For Bhutani 18, compare the latest quarterly progress with the 30 December 2026 completion date.

Ask whether any ED order touches the project's land or bank accounts, since the agency said it froze accounts during its 2025 searches. For Acqua Eden in Goa, ask for the environmental clearance the company told the High Court it would obtain, and track the Supreme Court case.