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Noida: Yamuna Expressway Industrial Development Authority (Yes) has canceled the allotment of two plots given to the realty firm, supertechIn our up country township in Sector 17A Greater Noida For non-payment of Rs 86 crore as lease rent and additional compensation to farmers.
The authority acted on complaints from homebuyers who claimed that despite collecting lease rent and additional compensation from flat owners, realtors failed to ensure registry of their homes. However, the developer termed the move as illegal, citing insolvency proceedings initiated in March 2022 for defaulting on payment of Rs 431 crore to a consortium of banks.
“YEIDA cannot cancel the land allotment as the company is under the Insolvency Bankruptcy Code (IBC),” said the chairman of Supertech Group. RK Arora Said.
According to officials, YEIDA had allotted 13,720 square meters of land to the realty firm for commercial use and 25,000 square meters for institutional purposes. The allotment was canceled to give relief to the home buyers. Officials said YEIDA will auction 38,720 sqm of land to recover its dues and in return enable registry of flats.
In 2009, approximately 4,04,686 sqm of land (100 acres) was allotted by YEIDA to Supertech for the Up Country project and the developer immediately started selling properties in the project. Plot buyers were promised possession and registration of plots in 2012. Around 3,500 to 4,000 units including flats, villas and plots were sold by Supertech in the project. Of them, around 800 have been offered possession so far. However, none of the homebuyers have been able to register their units. While the occupancy and completion certificates are pending till date, around 250 families are currently living there.
The authority had issued notices to Supertech three times between June and September last year, directing it to deposit additional damages, but no money was deposited.
On Tuesday, a group of home buyers met CEO Arun Vir Singh over the issue. They also plan to represent their case at the National Company Law Tribunal (NCLT). “We are ready to pay additional compensation and lease rent per flat. We urge the authority to complete the registry of our flats in our name on this basis. YEIDA should also take over the incomplete project and The construction should be completed using the money.” recovered from the auction,” said homebuyers.
When contacted, Singh said that the allotment of two plots had been cancelled. “We are looking at other legal remedies to provide relief to the buyers,” he added.
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