Noida Authority Demands Rs 8,510 Crore from Developers

24 Jun 2024 CW Team

Official documents reveal that the majority of the dues, amounting to Rs 77.86 billion or 91.48%, are owed by ATS, Supertech, and Logix group companies. ATS Homes, ATS Infratech, and ATS Heights together owe Rs 34.67 billion. Supertech Realtors and Supertech Ltd have dues of Rs 22.45 billion and Rs 9.58 billion, respectively, while Logix Infrastructure Pvt Ltd and Logix City Developers owe a combined Rs 11.13 billion.

Other developers on the list include Three C with Rs 5.72 billion in dues, Celerity Infrastructure with Rs 1.78 billion, Elicit Realtech owing Rs 73.28 crore, Explicit Estates with Rs 51.17 crore, and Abet Buildcon with Rs 27.67 crore.

The notices emphasize that developers must submit their resettlement proposals within 15 days to benefit from the policy outlined in the Uttar Pradesh government's order dated December 21, 2023. This order, based on recommendations from the Amitabh Kant Committee on stressed housing projects, includes provisions for waivers on interest and penalties for legacy stalled projects, even for those under National Company Law Tribunal (NCLT) or court jurisdiction, provided they withdraw or conclude their cases.

A senior official from the Noida Authority highlighted that resolving these dues would facilitate the registry of flats in homebuyers' names, granting them ownership rights. Delayed possession and pending registries have long troubled homebuyers in Noida and Greater Noida, with both the state and central governments actively seeking solutions.

The resolution of these financial issues is expected to significantly alleviate the distress faced by homebuyers and restore confidence in the real estate sector in the region.

The Noida Authority has issued notices to 13 real estate developers, including prominent names like ATS, Supertech, and Logix, demanding proposals for the resettlement of their outstanding dues totaling over Rs 85.1 billion. These notices aligned with a recent Uttar Pradesh government directive to resolve issues related to legacy stalled real estate projects by offering waivers on interest and penalties. Official documents reveal that the majority of the dues, amounting to Rs 77.86 billion or 91.48%, are owed by ATS, Supertech, and Logix group companies. ATS Homes, ATS Infratech, and ATS Heights together owe Rs 34.67 billion. Supertech Realtors and Supertech Ltd have dues of Rs 22.45 billion and Rs 9.58 billion, respectively, while Logix Infrastructure Pvt Ltd and Logix City Developers owe a combined Rs 11.13 billion. Other developers on the list include Three C with Rs 5.72 billion in dues, Celerity Infrastructure with Rs 1.78 billion, Elicit Realtech owing Rs 73.28 crore, Explicit Estates with Rs 51.17 crore, and Abet Buildcon with Rs 27.67 crore. The notices emphasize that developers must submit their resettlement proposals within 15 days to benefit from the policy outlined in the Uttar Pradesh government's order dated December 21, 2023. This order, based on recommendations from the Amitabh Kant Committee on stressed housing projects, includes provisions for waivers on interest and penalties for legacy stalled projects, even for those under National Company Law Tribunal (NCLT) or court jurisdiction, provided they withdraw or conclude their cases. A senior official from the Noida Authority highlighted that resolving these dues would facilitate the registry of flats in homebuyers' names, granting them ownership rights. Delayed possession and pending registries have long troubled homebuyers in Noida and Greater Noida, with both the state and central governments actively seeking solutions. The resolution of these financial issues is expected to significantly alleviate the distress faced by homebuyers and restore confidence in the real estate sector in the region.

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