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)

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Building Material

11 Dec 2025

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

Building Material

11 Dec 2025

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..