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    Greater Noida authority cancels allotment of four land parcels to recover Rs 450 crore dues

    Synopsis

    “The commercial department of the authority has decided to cancel the allotment of this land at Alpha II. The lease rent for the land has not been paid by the Omaxe. The authority has issued recovery certificate from time to time but the company did not clear the dues,” said a spokesperson for the authority.

    realtyAgencies
    Many retail shops, which are part of the project are operational and authority has said that they will not be troubled during the take over.
    The Greater Noida Industrial Development Authority has taken over 11,584 square metre land, it had allotted to realty developer Omaxe after it failed to clear Rs 65 crore dues of the authority. The authority has also cancelled allotment of three more land parcels of 100 acre, 25 acre and 20 acre.

    “The commercial department of the authority has decided to cancel the allotment of this land at Alpha II. The lease rent for the land has not been paid by the Omaxe. The authority has issued recovery certificate from time to time but the company did not clear the dues,” said a spokesperson for the authority.

    Many retail shops, which are part of the project are operational and authority has said that they will not be troubled during the take over.

    The authority has cancelled allotment of three more land parcels, which was allotted to IT companies. The authority had to collect Rs 382 crore from them.

    According to a statement by the authority, Gallant infrastructure pvr Ltd has dues of Rs 300 crore, Puja Infratech has dues of Rs 49 crore and Sukhmani technologies has dues of Rs 33 crore.

    “We have advised the owners to not pay any fee to Omaxe from now on. We are appointing a project management consultant for the smooth take over. We are also advising the prospective buyer not to get involved in any future transaction in this project,” the spokesperson said.

    Omaxe also has pending dues of Rs 200 crore for another project NRI city, where it has sold most of the units.


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