Noida authority issues notice to 13 builders for dues worth over Rs 8,510.69 crore, – Homevior

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The Noida Authority has served notices on real estate developers, including ATS, Supertech, Logix, seeking their proposal within 15 days for resettlement of their dues worth hundreds of crores, officials said on Friday. The notices, issued on Thursday, are in line with an order of the Uttar Pradesh government concerning legacy stalled real estate projects that offered waivers on interest and penalties to developers as part of a campaign to address homebuyers’ distress.

Official documents showed that the 13 developers, who have been served the notices, owed over Rs 8,510.69 crore in interest and penalties to the Noida Authority — a statutory body under the UP government — against allotment of land.

According to the Noida Authority, ATS, Supertech and Logix group companies together owed the highest share of Rs 7,786.06 crore (or 91.48 per cent).

ATS Homes owed Rs 640.46 crore, ATS Infratech (Rs 697.76 crore), ATS Heights (Rs 2,129.88 crore), followed by Supertech Realtors (Rs 2,245.81 crore), Supertech Ltd (Rs 815.73 crore and Rs 143.18 crore in two cases), while Logix Infrastructure Pvt Ltd owed Rs 446.44 crore and Logix City Developers Rs 666.80 crore, showed the notices.

Others on the list were Three C with Rs 572.51 crore in dues, followed by Celerity Infrastructure Rs 178.65 crore, Elicit Realtech (Rs 73.28 crore) and Explicit Estates (Rs 51.17 crore), Abet Buildcon (Rs 27.67 crore), as per the official notices.

In the notices sent individually to the developers concerned, the Noida Authority said the UP government had issued an order on December 21, 2023, concerning legacy stalled real estate projects (following recommendations of waivers in interest and penalties by the Amitabh Kant Committee on stressed housing projects).

The authority said clause 7.1 of that order included certain group housing projects and even those under NCLT or court jurisdiction can benefit from this package “if they withdraw or conclude their cases from NCLT and court”.

“In light of the above, you are requested to present a proposal for the settlement of dues concerning the allotted plot under the legacy stalled real estate project policy dated December 21, 2023. The proposal must be submitted within 15 days from the issuance of this letter to avail the benefits of the policy,” the Authority said in the notices.

According to a senior officer, if group housing developers clear their dues it would pave the way for registry of flats in the name of home buyers, giving them the ownership rights of the property.

Pending registries and delayed possession of flats have been a pressing issue in Noida and Greater Noida for a long time, with the UP government also pushing for resolution of homebuyers’ woes.

At the Centre-level, too, a panel headed by Amitabh Kant had made recommendations to end the distress involving homebuyers, builders and the local authorities.

  • Published On Jun 22, 2024 at 08:40 AM IST


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