Noida, Yamuna Expressway Industrial Development Authority (YEIDA) on Wednesday said it has canceled the allotment of land plots to Sunworld Infrastructure and Supertech Township near the upcoming Noida International Airport and proposed Film City over the pending dues.
Around 100 acres of land were allotted to both real estate developers to build townships in Sector 22D along the Yamuna Expressway. Sunworld Infrastructure owed Rs 164.86 million, while Supertech Township had outstanding dues worth Rs 137.28 million, according to YEIDA.
Additionally, the authority, which comes under the Uttar Pradesh government, has given time until August 31 to developer ATS Realty and Greenbay Infrastructure until July 31 to clear their dues.
The outstanding amounts are 25 per cent of the total dues owed by these builders to the authority that the state government had allowed to continue with the works in accordance with the recommendations of the Amitabh Kant Committee on stalled legacy projects.
The decision to cancel the land was announced after the 81st board meeting of YEIDA at its office in Greater Noida. The meeting was chaired by YEIDA President Anil Kumar Sagar.
Briefing the media after the meeting, YEIDA CEO Arun Vir Singh said, "ATS Group had some funds in its escrow account that were not counted in our count but have now been included." in our account again. They (ATS) have been given time until August 31 (to settle the dues)."
"There are six beneficiaries who have paid 100 per cent of their dues. Apart from these, there are two beneficiaries - Sunworld and Supertech - who have not paid their dues. A decision has been taken to cancel their land allotments, excluding the interest of buyers, who have third-party rights, in both projects," Singh said.
Both the canceled land parcels are located in Sector 22D along the Yamuna Expressway and close to the upcoming Noida International Airport and the proposed International Film City, he said.
According to YEIDA, Greenbay Infrastructure deposited an amount of Rs 92 million with the authority and was given time till July 31, 2024 to deposit the remaining Rs 7 million, while ATS Realty deposited Rs 5 million and was given time until August 31 to settle. the remaining installments.
After the stipulated period of time, Omnis Developers deposited an amount of Rs 9.54 crore, while Logix Buildstate cleared dues of Rs 62 crore, Ajay Realcon and Starcity Developers cleared dues worth Rs 2.12 crore and Rs 3.38 crore respectively, he said.
Singh, a senior IAS officer, said some more developers who have outstanding dues have their projects in insolvency proceedings or their cases pending in different courts.
Around 100 acres of land were allotted to both real estate developers to build townships in Sector 22D along the Yamuna Expressway. Sunworld Infrastructure owed Rs 164.86 million, while Supertech Township had outstanding dues worth Rs 137.28 million, according to YEIDA.
Additionally, the authority, which comes under the Uttar Pradesh government, has given time until August 31 to developer ATS Realty and Greenbay Infrastructure until July 31 to clear their dues.
The outstanding amounts are 25 per cent of the total dues owed by these builders to the authority that the state government had allowed to continue with the works in accordance with the recommendations of the Amitabh Kant Committee on stalled legacy projects.
The decision to cancel the land was announced after the 81st board meeting of YEIDA at its office in Greater Noida. The meeting was chaired by YEIDA President Anil Kumar Sagar.
Briefing the media after the meeting, YEIDA CEO Arun Vir Singh said, "ATS Group had some funds in its escrow account that were not counted in our count but have now been included." in our account again. They (ATS) have been given time until August 31 (to settle the dues)."
"There are six beneficiaries who have paid 100 per cent of their dues. Apart from these, there are two beneficiaries - Sunworld and Supertech - who have not paid their dues. A decision has been taken to cancel their land allotments, excluding the interest of buyers, who have third-party rights, in both projects," Singh said.
Both the canceled land parcels are located in Sector 22D along the Yamuna Expressway and close to the upcoming Noida International Airport and the proposed International Film City, he said.
According to YEIDA, Greenbay Infrastructure deposited an amount of Rs 92 million with the authority and was given time till July 31, 2024 to deposit the remaining Rs 7 million, while ATS Realty deposited Rs 5 million and was given time until August 31 to settle. the remaining installments.
After the stipulated period of time, Omnis Developers deposited an amount of Rs 9.54 crore, while Logix Buildstate cleared dues of Rs 62 crore, Ajay Realcon and Starcity Developers cleared dues worth Rs 2.12 crore and Rs 3.38 crore respectively, he said.
Singh, a senior IAS officer, said some more developers who have outstanding dues have their projects in insolvency proceedings or their cases pending in different courts.
