Noida authority to refer developers owing Rs 1,035 crore to EOW for investigation

                Noida: Noida Authority will write to the police's Economic Offences Wing (EOW) against the developers of seven residential projects that cumulatively owe it Rs 1,035 crore in land 
dues and did not opt for UP govt's rehabilitation package for stalled projects.
On Tuesday, the Authority send the developers a final notice seeking details on unsold flats and shops, and unutilised sections of the project land.

The cases will be referred to EOW if the data is not shared soon, officials said.
In Sept, the Authority tasked EOW to investigate the defaulting developers, undertake financial audits and track if they had diverted funds received from homebuyers. The move 
coincided with CM Yogi Adityanath's directive to the three industrial authorities to enforce punitive measures — sealing vacant or unallocated flats and reclaiming unconstructed or 
vacant areas — outlined in the rehabilitation package against non-compliant developers.
Of the 57 projects that had defaulted on land dues, 29 have accepted the rehabilitation package, which offers a two-year zero-period relief — from April 2020 to March 2022 — 
exempting developers from paying interest and penalties for the period when work was stalled due to the Covid-related lockdown. Twenty-nine realtors, who are yet to take up the 
package, cumulatively owe Noida around Rs 6,900 crore in land dues and have over 12,700 flats.

Of these 29, seven projects — IVR Prime (Sector 118) which owes the Authority Rs 659.9 crore, Futech Shelters (Sector 75) Rs 114.84 crore, Gardenia India Ltd (Sector 75) Rs 
111.84, TGB Infrastructure (Sector 50) Rs 55.27 crore, MPG Realty Pvt Ltd (Sector 137) Rs 38.92 crore, AGC Realty Pvt Ltd (Sector 121) Rs 20.80 crore and Manisha KB Projects 
(Sector 61) Rs 38 lakh — were issued final notices as the developers did not give consent to the rehabilitation package despite "repeated efforts", Noida Authority CEO Lokesh M told 
TOI. Together, the projects have 3,816 flats, all are pending registry.

Officials told TOI that vacant properties associated with non-compliant builders are likely to be sealed. On Tuesday, the Authority sealed 31 unsold flats at Sikka Infrastructure Pvt Ltd 
in Sector 143 B over Rs 208.05 crore dues. The developer had opted for the govt's relief package but failed to deposit 25% of the outstanding amount upfront despite notices.
Officials said the Authority will soon crack down on builders who have deposited only a part of the 25% of their total dues so far. The Authority will send them final notices soon and 
may even cancel their allotments and lease documents in case of non-compliance.
Pratik Realtors India Pvt Ltd, Antriksh Developers and Promoters Pvt Ltd, Omaxe Buildhome Pvt Ltd, Perfect Propbuild Pvt Ltd, Imperial Housing Ventures, and Assotech Contracts 
India Ltd are among the developers that are yet to clear 25% of their total dues after opting for the relief package.
Additionally, notice boards would be placed at the gates of builders who paid the initial 25% of their dues, instructing them to expedite the remaining flat registrations.


Source : Times of India