Noida authority seals Grand Omaxe society over Rs 4.57 Bn dues

09 Sep 2024 CW Team

It was highlighted that only 22 out of 57 defaulting projects in Noida had accepted the rehabilitation package, which provides a two-year zero-period relief from April 2020 to March 2022, exempting developers from interest and penalties caused by Covid-related lockdowns. However, 29 developers, with cumulative land dues of around Rs 69 billion, have not yet taken up the package, leaving over 12,700 flats pending.

As reported earlier by TOI, Noida Authority is also considering filing complaints with the police's Economic Offences Wing (EOW) against developers for diverting funds received from homebuyers elsewhere.

The Greater Noida Authority also held a meeting on Friday, urging developers to clear their dues and expedite the registration process. Additional CEO Saumya Srivastava noted that, of the 98 defaulter projects, 13 builders had cleared their outstanding amounts, while 58 had paid 25% of their dues.

Srivastava added that a total of 71 builders had benefited from the policy, and permission had been granted for the registration of 9,558 flats in these 71 projects. During the meeting, builders were instructed to expedite the registration of remaining flats.

Builders have up to six months from the date of permission to complete the registration process without incurring a late fee. If they fail to deposit the 25% amount, their land allotments are at risk of being cancelled. Additionally, GNIDA plans to approach the EOW to request a forensic audit of defaulting projects.

The Noida Authority sealed the Grand Omaxe housing society, developed by Omaxe Buildhome in Sector 93B, on Friday due to the non-payment of dues amounting to Rs 4.57 billion. The developer had failed to deposit the required 25% of recalculated dues, approximately Rs 1.14 billion, following a reduction due to the Covid zero-period relief, even after opting for the relief package. The Authority announced that unsold flats and vacant land at three projects?Grand Omaxe (Omaxe Buildhome) in Sector 93B, Antriksh Golf View (Colourful Estate) in Sector 78, and Matrott (Skytech Constructions) in Sector 76?would be sealed after giving developers an extended period to reschedule their dues under the Uttar Pradesh government's relief package, based on recommendations from the Amitabh Kant committee. It was highlighted that only 22 out of 57 defaulting projects in Noida had accepted the rehabilitation package, which provides a two-year zero-period relief from April 2020 to March 2022, exempting developers from interest and penalties caused by Covid-related lockdowns. However, 29 developers, with cumulative land dues of around Rs 69 billion, have not yet taken up the package, leaving over 12,700 flats pending. As reported earlier by TOI, Noida Authority is also considering filing complaints with the police's Economic Offences Wing (EOW) against developers for diverting funds received from homebuyers elsewhere. The Greater Noida Authority also held a meeting on Friday, urging developers to clear their dues and expedite the registration process. Additional CEO Saumya Srivastava noted that, of the 98 defaulter projects, 13 builders had cleared their outstanding amounts, while 58 had paid 25% of their dues. Srivastava added that a total of 71 builders had benefited from the policy, and permission had been granted for the registration of 9,558 flats in these 71 projects. During the meeting, builders were instructed to expedite the registration of remaining flats. Builders have up to six months from the date of permission to complete the registration process without incurring a late fee. If they fail to deposit the 25% amount, their land allotments are at risk of being cancelled. Additionally, GNIDA plans to approach the EOW to request a forensic audit of defaulting projects.

Resources

09 Mar 2026

Haworth India Hosts Women’s Leadership Panel Series

Haworth India marked International Women’s Day by hosting a leadership roundtable series titled ‘Give to Gain’, bringing together senior women leaders from architecture and design firms, corporates and project management consultancies. The series has been conducted in Delhi and Mumbai, with upcoming sessions scheduled in Bengaluru and Hyderabad on 27 March 2026. Structured as moderated panel discussions followed by audience interaction, the initiative examined the business impact of women’s leadership and the role of inclusive workplaces in supporting professional growth. Manish Khan..

Real Estate

09 Mar 2026

Max Estates Secures RERA For Max One Project

Max Estates has secured RERA approval (UPRERA No.: UPRERAPRJ9759) for its Max One development around Max Towers in Sector 16B, Noida, bringing renewed progress to a project previously stalled following the insolvency of its earlier developer. Spread across around 10 acres with an estimated development potential of about 2.5 million sq ft, Max One is planned as an integrated mixed-use campus combining serviced residences, premium offices, retail spaces and a private club. The project is expected to generate total sales potential of about Rs 20 billion along with an estimated annuity rental inc..

Real Estate

09 Mar 2026

Hindware Introduces Starc Smart Wall Mount Toilet

Hindware has introduced the Starc Smart Wall-Mount Toilet under its Hindware Italian Collection, designed to combine automation, hygiene and contemporary bathroom aesthetics. The model features automatic flushing, sensor-based seat opening and closing, and remote-controlled functions. It also includes an oscillating water spray and warm air dryer for cleaning, along with a self-cleaning nozzle designed to maintain hygiene. Additional features include adjustable heated seating, customisable water temperature and pressure settings, a foot-touch flush system and an LCD control interface. The wa..