Noida Authority Demands Recovery of Rs.1.9 Billion from Controversial Lotus 300 Developer

                Noida: After directions from the Supreme Court, registrations for flats at Lotus 300 began on Thursday, with the process concluding for 16 of 100-odd homebuyers in the first phase.
The Supreme Court on Sept 27 upheld an order by the Allahabad high court and directed the Noida Authority to proceed with registries at the Sector 107 society regardless of pending 
land dues by the developer.
The decision ended a decade-long fight for homebuyers.

President of Lotus 300 AOA Bhuwan Chaturvedi said the interim resolution professional Ayyagari Vishwanandha Sarma travelled to the city from Hyderabad to verify all documents, 
including original allotment letters, builder-buyer agreements and possession certificates, for the 16 flats.
Sarma, he said, is expected to return next week to continue the process. It will take multiple visits to complete the registration of all 102 flats in two towers of the society's six. Sarma 
has been authorized to sign documents on behalf of the builder under the Corporate Insolvency Resolution Process.
It was in March 2010 that Noida Authority allotted 17 acres of land in Sector 107 to Hacienda Project Private Limited (HPPL), led by consortium member Pebbles Infosoftech, for the 
development of Lotus 300. The developers collected Rs 636 crore from homebuyers of 330 flats across six towers and gave an initial completion time period of 39 months. This was 
later extended to July 2017.

While HPPL completed four towers and transferred partial possession to buyers, the developer failed to complete the remaining towers or provide the promised amenities. In 2018, 
homebuyers filed an FIR with the Economic Offences Wing of Delhi Police against HPPCL directors for cheating, criminal breach of trust and criminal conspiracy.
Insolvency proceedings for Lotus 300 began in Nov 2022.
The AOA president said on Friday that the court rulings and beginning of the registry process was a "major victory" for homebuyers after an 11-year struggle. "Homebuyers are finally 
able to secure registrations for their properties," Chaturvedi said.
Efforts are also underway to facilitate registrations of flats in the remaining four towers. Noida Authority has appointed senior manager Vaibhav Gupta as the nodal officer to oversee 
preparation of occupation certificates (OC) and completion certificates (CC) for these towers, and this process is expected to take 15-20 days.
Gupta is responsible for coordinating with the AOA and Sarma to prepare necessary building drawings and arrange certificates with the support of a structural engineer.



Source : Economic Times