Noida Authority to seal unsold flats over unpaid dues

09 Sep 2024 CW Team

The Noida Authority has announced plans to seal unsold flats and vacant land in three real estate projects "Grand Omaxe in Sector 93B, Antriksh Golf View in Sector 78, and Matrott in Sector 76" due to unpaid dues despite the relief package offered under the UP government's plan. The relief package was introduced based on the recommendations of the Amitabh Kant committee.

The developers of these projects have failed to deposit 25% of their recalculated dues following the Covid "zero-period" reduction. At the Omaxe project, 9,000 square meters of vacant land will be sealed, while Antriksh Golf View has 27 unsold flats, and Matrott has five, which will also be sealed and auctioned to recover the outstanding amounts.

The Noida Authority has also issued a one-week ultimatum to developers of 12 additional projects who have similarly failed to deposit their dues. The authority is considering filing complaints with the Economic Offences Wing (EOW) against some of these developers for allegedly diverting funds received from homebuyers. The total recalculated dues for all affected projects amount to Rs 3,093 crore, with 5,505 flats remaining unregistered.

Noida Authority CEO Lokesh M stated that they are taking a more aggressive stance, with sealing measures already underway for projects with unsold inventory and vacant land, while other non-compliant builders have been given a week to respond.

Of the 57 stalled projects eligible for relief under the December 2023 government order, developers of 22 have deposited 25% of their dues, totalling Rs 2.75 billion. Additionally, 2,558 flat buyers have been granted permission for registry, with 1,298 completed so far. However, 29 projects have yet to apply for the rehabilitation package, leaving collective dues of Rs 69 billion and approximately 12,700 unregistered flats.

The relief package aims to revive 240,000 stalled flats in Noida and Greater Noida by offering a two-year waiver on penalties and interest during the pandemic and a time-bound repayment schedule for outstanding dues. Developers affected by the National Green Tribunal's construction ban near the Okhla Bird Sanctuary are also eligible for the "zero-period" waiver from August 2013 to June 2015.

(ET)

The Noida Authority has announced plans to seal unsold flats and vacant land in three real estate projects Grand Omaxe in Sector 93B, Antriksh Golf View in Sector 78, and Matrott in Sector 76 due to unpaid dues despite the relief package offered under the UP government's plan. The relief package was introduced based on the recommendations of the Amitabh Kant committee. The developers of these projects have failed to deposit 25% of their recalculated dues following the Covid zero-period reduction. At the Omaxe project, 9,000 square meters of vacant land will be sealed, while Antriksh Golf View has 27 unsold flats, and Matrott has five, which will also be sealed and auctioned to recover the outstanding amounts. The Noida Authority has also issued a one-week ultimatum to developers of 12 additional projects who have similarly failed to deposit their dues. The authority is considering filing complaints with the Economic Offences Wing (EOW) against some of these developers for allegedly diverting funds received from homebuyers. The total recalculated dues for all affected projects amount to Rs 3,093 crore, with 5,505 flats remaining unregistered. Noida Authority CEO Lokesh M stated that they are taking a more aggressive stance, with sealing measures already underway for projects with unsold inventory and vacant land, while other non-compliant builders have been given a week to respond. Of the 57 stalled projects eligible for relief under the December 2023 government order, developers of 22 have deposited 25% of their dues, totalling Rs 2.75 billion. Additionally, 2,558 flat buyers have been granted permission for registry, with 1,298 completed so far. However, 29 projects have yet to apply for the rehabilitation package, leaving collective dues of Rs 69 billion and approximately 12,700 unregistered flats. The relief package aims to revive 240,000 stalled flats in Noida and Greater Noida by offering a two-year waiver on penalties and interest during the pandemic and a time-bound repayment schedule for outstanding dues. Developers affected by the National Green Tribunal's construction ban near the Okhla Bird Sanctuary are also eligible for the zero-period waiver from August 2013 to June 2015. (ET)

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Infrastructure Energy

05 Nov 2025

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Infrastructure Urban

05 Nov 2025

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..