Noida Authority Files Complaint Against Logix Developers
Real Estate

Noida Authority Files Complaint Against Logix Developers

The Noida Authority has lodged a complaint with Delhi Police's Economic Offences Wing (EOW) against the promoters of Logix City Developers Pvt Ltd, accusing them of failing to pay dues and missing delivery timelines for the Blossom Zest housing project in Sector 143. The complaint highlights financial losses caused by the developers' alleged misappropriation of funds and the creation of third-party rights, negatively affecting both the Authority and homebuyers. Blossom Zest, with dues of Rs 666 crore, faced insolvency proceedings in 2022, while another project, Blossom County, was also sent to NCLT in 2023 with Rs 446 crore in dues. The Noida Authority has referred discrepancies in asset valuations of other defaulting projects to the Insolvency & Bankruptcy Board of India (IBBI). Additionally, the Authority has urged defaulting developers to consider the state government's rehabilitation package, but no developers, including Logix, have taken up the offer.

The Noida Authority has lodged a complaint with Delhi Police's Economic Offences Wing (EOW) against the promoters of Logix City Developers Pvt Ltd, accusing them of failing to pay dues and missing delivery timelines for the Blossom Zest housing project in Sector 143. The complaint highlights financial losses caused by the developers' alleged misappropriation of funds and the creation of third-party rights, negatively affecting both the Authority and homebuyers. Blossom Zest, with dues of Rs 666 crore, faced insolvency proceedings in 2022, while another project, Blossom County, was also sent to NCLT in 2023 with Rs 446 crore in dues. The Noida Authority has referred discrepancies in asset valuations of other defaulting projects to the Insolvency & Bankruptcy Board of India (IBBI). Additionally, the Authority has urged defaulting developers to consider the state government's rehabilitation package, but no developers, including Logix, have taken up the offer.

Next Story
Technology

Alligator Automations Cuts Design Effort by 50%

Alligator Automations India has reduced electrical design engineering effort by around 50 per cent after implementing WSCAD’s E-CAD solution. The company’s electrical engineering team now uses the platform for schematics, control cabinet design, and project documentation.Earlier, processes such as wire numbering, device grouping, and bill-of-materials generation were handled manually, leading to delays and higher error risks. With automation of these tasks, efficiency and accuracy have improved significantly. Wire numbering alone now takes nearly half the time, enabling engineers to focus ..

Next Story
Technology

Alligator Automations Cuts Design Effort by 50%

Alligator Automations India has reduced electrical design engineering effort by around 50 per cent after implementing WSCAD’s E-CAD solution. The company’s electrical engineering team now uses the platform for schematics, control cabinet design, and project documentation.Earlier, processes such as wire numbering, device grouping, and bill-of-materials generation were handled manually, leading to delays and higher error risks. With automation of these tasks, efficiency and accuracy have improved significantly. Wire numbering alone now takes nearly half the time, enabling engineers to focus ..

Next Story
Real Estate

Lulu Group Unit Fair Exports Buys Sunder Nagar Bungalow

Fair Exports, a subsidiary of Lulu Group, has purchased a bungalow in Sunder Nagar, New Delhi, for Rs 89.5 crore, equivalent to Rs 895 million (mn). The transaction was completed through a private sale and was reported by local media, and the reported sum converts the original figure into an easier comparator for investors. The acquisition highlights continued corporate interest in premium residential properties within central Delhi. The buyer is positioned to hold the asset as part of its portfolio. Sunder Nagar is a well established neighbourhood characterised by high end residences and prox..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement