Developer fails to clear ₹281 cr dues, Gnida cancels allotment of 2 plots

Noida : The Greater Noida Authority Allotment of two plots has been canceled in sector pie For failing to clear dues of over Rs 281 crore to a real estate developer. Officials said the authority would soon take possession of the plots and allot them through a new scheme.

Parsvnath Developers Two plots of 25 acres and 8.5 acres were allotted in 2006 and 2007 respectively for the development of real estate projects till 2013 and 2012.

But the developer neither completed the projects nor deposited the dues with the authority, officials said. “Whoever does not pay dues to the allottee authority and does not complete a project will face action,” said the CEO of GNIDA. Ritu Maheshwari,

According to officials, the lease deed for the larger plot was executed in 2007. The developer had paid Rs 7.14 crore out of the total premium of Rs 33.54 crore till 2007. The remaining amount was to be paid in 13 installments by 2013. The developer was also given mortgage permission in 2016, but has not cleared the dues.

Another official said, “Between 2011 and 2020, the authority issued defaulter notices and cancellation of allotment notices to the builder.” “The maximum time period of 15 years to complete the projects has also expired. During this period, apart from the premium amount, the dues of the developer in the form of additional compensation and late fee also increased to around Rs 211 crore,” he said.

Similarly, the second project on 8.5 acres of land was to be completed by 2012. Out of the total premium of about Rs 11 crore, Rs 2.52 crore was paid by the builder. The remaining payment was to be made in 13 installments by 2013, but was not done.

Meanwhile, defaulter notices were issued in 2011, 2012, 2013, 2018 and 2019 and cancellation notices in 2014 and 2019. The builder has to pay Rs 70.41 crore to the authority in the form of additional compensation, annual lease rent, time extension charges etc. Told.

Saumya Srivastava, OSD, GNIDA said, “The builder has not taken OC of any tower or flat in the last 15 years. Information related to homebuyers has also not been shared with us. However, no buyer has yet come to the authority regarding these two projects.

The developer could not be contacted.