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)

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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)

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