Noida Cancels Land to Logix Subsidiary Over Rs 1.3 Billion Dues
Real Estate

Noida Cancels Land to Logix Subsidiary Over Rs 1.3 Billion Dues

The Noida Authority cancelled the allotment of nearly 14,000 sq m of land to Docile Buildtech, a subsidiary of the Logix Group, due to non-payment of dues amounting to Rs 1.30 billion. The plot, located in Sector 143, had remained undeveloped for six years since its allotment, and was sealed after the company failed to respond to multiple notices.

In 2011, Logix Developers were allotted 1 lakh sq m of land in Sector 143 for a group housing project. A portion of this plot was subdivided and registered in favour of Docile Buildtech on October 30, 2018.

Noida Authority CEO, Lokesh M, stated that despite repeated notices, the company did not deposit the outstanding amount. He mentioned that a final 15-day notice was issued on October 22, but it was ignored. As a result, the allotment of 13,961 sq m was cancelled, and the registry was terminated.

Officials also revealed that a case had been filed against Docile Buildtech in the National Company Law Tribunal (NCLT), although insolvency proceedings had not yet been initiated. Logix Developers, too, are undergoing insolvency proceedings in the tribunal.

The Sector 143 plot was initially allotted at a rate of Rs 23,550 per sq m, totalling Rs 320 million. At the time of registration, the company paid Rs 30.2 million but failed to make any further payments. Over time, the outstanding amount, including penal interest, grew to Rs 1.30 billion. The current market value of the land is estimated at Rs 4.5 billion.

The Authority plans to re-allot the plot to a new developer to recover its revenue.

Last month, the Authority filed a complaint with the Delhi Police's Economic Offences Wing (EOW) against the promoters of Logix City Developers for unrealized dues and missed delivery timelines related to their Blossom Zest housing project in Sector 143.

The promoters—Devendra Mohan Saxena, Shakti Nath, Vikram Nath, and Meena Nath—are accused of creating third-party rights and misappropriating funds collected from homebuyers while failing to clear the Authority's dues.

The Noida Authority cancelled the allotment of nearly 14,000 sq m of land to Docile Buildtech, a subsidiary of the Logix Group, due to non-payment of dues amounting to Rs 1.30 billion. The plot, located in Sector 143, had remained undeveloped for six years since its allotment, and was sealed after the company failed to respond to multiple notices. In 2011, Logix Developers were allotted 1 lakh sq m of land in Sector 143 for a group housing project. A portion of this plot was subdivided and registered in favour of Docile Buildtech on October 30, 2018. Noida Authority CEO, Lokesh M, stated that despite repeated notices, the company did not deposit the outstanding amount. He mentioned that a final 15-day notice was issued on October 22, but it was ignored. As a result, the allotment of 13,961 sq m was cancelled, and the registry was terminated. Officials also revealed that a case had been filed against Docile Buildtech in the National Company Law Tribunal (NCLT), although insolvency proceedings had not yet been initiated. Logix Developers, too, are undergoing insolvency proceedings in the tribunal. The Sector 143 plot was initially allotted at a rate of Rs 23,550 per sq m, totalling Rs 320 million. At the time of registration, the company paid Rs 30.2 million but failed to make any further payments. Over time, the outstanding amount, including penal interest, grew to Rs 1.30 billion. The current market value of the land is estimated at Rs 4.5 billion. The Authority plans to re-allot the plot to a new developer to recover its revenue. Last month, the Authority filed a complaint with the Delhi Police's Economic Offences Wing (EOW) against the promoters of Logix City Developers for unrealized dues and missed delivery timelines related to their Blossom Zest housing project in Sector 143. The promoters—Devendra Mohan Saxena, Shakti Nath, Vikram Nath, and Meena Nath—are accused of creating third-party rights and misappropriating funds collected from homebuyers while failing to clear the Authority's dues.

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?