Noida, The Noida Authority has issued notices to real estate developers, including ATS, Supertech and 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 Uttar Pradesh government order on stalled real estate projects that offered interest waivers and penalties to developers as part of a drive to address plight of homebuyers.
Official documents showed that the 13 developers, who were served notices, owed over Rs 8,510.69 crore in interest and penalty to the Noida Authority, a statutory body under the UP government, for allotment of land.
According to the Noida Authority, group companies ATS, Supertech and Logix together owed the largest share, 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 owed Rs 666.80 crore, the notices showed.
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), according to the official. notices.
In notices sent individually to the developers concerned, the Noida Authority said that the UP government had issued an order on December 21, 2023 on stalled legacy real estate projects (following the Amitabh Committee's interest waiver and penalty recommendations Kant on housing in difficulty). Projects).
The authority said clause 7.1 of that order included certain group housing projects and even those under NCLT or judicial jurisdiction can benefit from this package "if they withdraw or conclude their cases before NCLT and courts".
"By virtue of the above, it is requested to submit a proposal for the settlement of quotas related to the lot awarded under the inherited stalled real estate projects policy dated December 21, 2023. The proposal must be submitted within 15 days following the issuance of this letter to avail the benefits of the policy," the Authority said in the notices.
According to a senior official, if group housing promoters clear their dues, it would pave the way for registration of flats in the name of homebuyers, giving them the ownership rights of the property.
Pending registrations and delayed possession of flats have been a pressing issue in Noida and Greater Noida for a long time, and the UP government is also pushing for resolution of homebuyers' issues.
At the Center level too, a panel headed by Amitabh Kant had made recommendations to end the distress affecting home buyers, builders and local authorities.
The notices, issued on Thursday, are in line with an Uttar Pradesh government order on stalled real estate projects that offered interest waivers and penalties to developers as part of a drive to address plight of homebuyers.
Official documents showed that the 13 developers, who were served notices, owed over Rs 8,510.69 crore in interest and penalty to the Noida Authority, a statutory body under the UP government, for allotment of land.
According to the Noida Authority, group companies ATS, Supertech and Logix together owed the largest share, 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 owed Rs 666.80 crore, the notices showed.
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), according to the official. notices.
In notices sent individually to the developers concerned, the Noida Authority said that the UP government had issued an order on December 21, 2023 on stalled legacy real estate projects (following the Amitabh Committee's interest waiver and penalty recommendations Kant on housing in difficulty). Projects).
The authority said clause 7.1 of that order included certain group housing projects and even those under NCLT or judicial jurisdiction can benefit from this package "if they withdraw or conclude their cases before NCLT and courts".
"By virtue of the above, it is requested to submit a proposal for the settlement of quotas related to the lot awarded under the inherited stalled real estate projects policy dated December 21, 2023. The proposal must be submitted within 15 days following the issuance of this letter to avail the benefits of the policy," the Authority said in the notices.
According to a senior official, if group housing promoters clear their dues, it would pave the way for registration of flats in the name of homebuyers, giving them the ownership rights of the property.
Pending registrations and delayed possession of flats have been a pressing issue in Noida and Greater Noida for a long time, and the UP government is also pushing for resolution of homebuyers' issues.
At the Center level too, a panel headed by Amitabh Kant had made recommendations to end the distress affecting home buyers, builders and local authorities.
