Noida Authority to report developers owing Rs 10.35 billion to EOW
11 Oct 2024
2 Min Read
CW Team
The Noida Authority is set to refer developers from seven residential projects, who collectively owe Rs 10.35 billion in land dues, to the Economic Offences Wing (EOW) for investigation. These developers failed to opt for the UP government's rehabilitation package for stalled projects.
The Authority issued a final notice to the developers, demanding information on unsold flats, shops, and unutilised land. If the data is not provided, the cases will be handed over to the EOW for further action.
In September, the Authority initiated financial audits of defaulting developers to track potential fund diversion from homebuyers, coinciding with Chief Minister Yogi Adityanath's directive to enforce punitive measures against non-compliant developers. These measures include sealing vacant flats and reclaiming unconstructed land.
Out of 57 defaulting projects, 29 developers have accepted the rehabilitation package, which provides a two-year relief period exempting them from paying interest and penalties for delays caused by the Covid-19 lockdown. However, 29 other developers, owing a total of Rs 69 billion, have not accepted the package. These projects encompass over 12,700 flats, with seven developments particularly targeted for their failure to respond.
The seven projects facing action include IVR Prime, Futech Shelters, Gardenia India Ltd, TGB Infrastructure, MPG Realty, AGC Realty, and Manisha KB Projects. Together, these projects have 3,816 pending flat registrations.
Additionally, the Noida Authority sealed 31 unsold flats from Sikka Infrastructure Pvt Ltd over Rs 2.08 billion in unpaid dues. The developer had accepted the relief package but failed to deposit 25% of the outstanding amount.
The Authority plans to issue final notices to other developers who have only partially paid their dues and may cancel their allotments in case of continued non-compliance. Prominent developers such as Pratik Realtors, Antriksh Developers, and Omaxe Buildhome are among those yet to clear 25% of their dues after opting for the relief package.
(ET)
The Noida Authority is set to refer developers from seven residential projects, who collectively owe Rs 10.35 billion in land dues, to the Economic Offences Wing (EOW) for investigation. These developers failed to opt for the UP government's rehabilitation package for stalled projects.The Authority issued a final notice to the developers, demanding information on unsold flats, shops, and unutilised land. If the data is not provided, the cases will be handed over to the EOW for further action.In September, the Authority initiated financial audits of defaulting developers to track potential fund diversion from homebuyers, coinciding with Chief Minister Yogi Adityanath's directive to enforce punitive measures against non-compliant developers. These measures include sealing vacant flats and reclaiming unconstructed land.Out of 57 defaulting projects, 29 developers have accepted the rehabilitation package, which provides a two-year relief period exempting them from paying interest and penalties for delays caused by the Covid-19 lockdown. However, 29 other developers, owing a total of Rs 69 billion, have not accepted the package. These projects encompass over 12,700 flats, with seven developments particularly targeted for their failure to respond.The seven projects facing action include IVR Prime, Futech Shelters, Gardenia India Ltd, TGB Infrastructure, MPG Realty, AGC Realty, and Manisha KB Projects. Together, these projects have 3,816 pending flat registrations.Additionally, the Noida Authority sealed 31 unsold flats from Sikka Infrastructure Pvt Ltd over Rs 2.08 billion in unpaid dues. The developer had accepted the relief package but failed to deposit 25% of the outstanding amount.The Authority plans to issue final notices to other developers who have only partially paid their dues and may cancel their allotments in case of continued non-compliance. Prominent developers such as Pratik Realtors, Antriksh Developers, and Omaxe Buildhome are among those yet to clear 25% of their dues after opting for the relief package. (ET)
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