Noida authority renews demand for Rs 100 Bn unused Unitech land

28 Jan 2025 CW Team

The dues, which include premiums, lease rent, additional compensation, and interest, are tied to several leased land parcels where Unitech has yet to launch any projects. The Authority had originally allotted over 18.5 lakh sq m to the Unitech Group, but nearly 8.5 lakh sqm of land remains unused to date. The vacant land spans multiple sectors, including 96, 97, 98, 113, 117, and 144.

Among these, sectors 96, 97 and 98 alone account for 7.3 lakh sq m, valued at Rs 88.86 billion, making it the largest parcel of unused land. Sector 113 has 36,000 sqm of vacant land that is valued at Rs 3.51 billion, based on the current rate of Rs 976 per sq m. Sector 117 has 35,000 sq m of vacant land worth Rs 3.42 billion.

Sector 144 has two plots, measuring 30,247 and 21,494 sq m, valued at Rs 5.68 billion at the market rate of Rs 1.09 lakh per sqm. On April 26 last year, the Supreme Court instructed Noida Authority not to insist on recovering its dues from the developer for the time being. The court divided the total leased land into two categories: the first where homebuyers had been allotted flats or plots, and the second comprised land where no projects had been launched. The court stressed the need for the Noida Authority to grant all necessary approvals and sanctions for projects in the first category to facilitate the realisation of funds from existing homebuyers and unsold inventory. The SC directed that all approvals for the first category of land be granted by May 31, 2024. Following this order, the Noida Authority approved layout plans for 6.6 lakh sq m of land in sectors 96, 97 and 98, leaving 7.3 lakh sq m unapproved. In Sector 113, approvals were granted for 1.1 lakh sq m, while 36,000 sq m remained in the second segment. In Sector 117, approvals were issued for 2.3 lakh sq m, with 35,000 sq m still vacant.

Noida Authority has reiterated its demand to reclaim over 8.5 lakh sq m of unused land allotted to Unitech, with an estimated value of over Rs 100 billion, to recover dues of over Rs 110 billion. At a Jan 21 meeting, headed by retired SC judge Abhay Manohar Sapre, adviser to the govt-approved Unitech board of directors, Authority officials emphasised that the amount represents public money, which must be recovered to ensure the completion of urban infrastructure and amenities that benefit residents.The dues, which include premiums, lease rent, additional compensation, and interest, are tied to several leased land parcels where Unitech has yet to launch any projects. The Authority had originally allotted over 18.5 lakh sq m to the Unitech Group, but nearly 8.5 lakh sqm of land remains unused to date. The vacant land spans multiple sectors, including 96, 97, 98, 113, 117, and 144.Among these, sectors 96, 97 and 98 alone account for 7.3 lakh sq m, valued at Rs 88.86 billion, making it the largest parcel of unused land. Sector 113 has 36,000 sqm of vacant land that is valued at Rs 3.51 billion, based on the current rate of Rs 976 per sq m. Sector 117 has 35,000 sq m of vacant land worth Rs 3.42 billion.Sector 144 has two plots, measuring 30,247 and 21,494 sq m, valued at Rs 5.68 billion at the market rate of Rs 1.09 lakh per sqm. On April 26 last year, the Supreme Court instructed Noida Authority not to insist on recovering its dues from the developer for the time being. The court divided the total leased land into two categories: the first where homebuyers had been allotted flats or plots, and the second comprised land where no projects had been launched. The court stressed the need for the Noida Authority to grant all necessary approvals and sanctions for projects in the first category to facilitate the realisation of funds from existing homebuyers and unsold inventory. The SC directed that all approvals for the first category of land be granted by May 31, 2024. Following this order, the Noida Authority approved layout plans for 6.6 lakh sq m of land in sectors 96, 97 and 98, leaving 7.3 lakh sq m unapproved. In Sector 113, approvals were granted for 1.1 lakh sq m, while 36,000 sq m remained in the second segment. In Sector 117, approvals were issued for 2.3 lakh sq m, with 35,000 sq m still vacant.

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