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
Infrastructure Transport

Mumbai-Ahmedabad Bullet Train Set to Launch by 2028

India’s first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India’s infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..

Next Story
Infrastructure Transport

Mumbai-Gandhinagar Train Service Enhances Passenger Capacity

The Mumbai Central–Gandhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India’s busiest business corridors. This upgrade, effective from 11 May, raised the train’s seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai–Ahmedabad–Gandhinagar route, which regularly operates at over 150 percent seat occupancy...

Next Story
Infrastructure Urban

Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently

Delhi’s ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river’s health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?