Noida Authority Seeks Resolution for Issues with Logix Developers

                The Noida authority on Tuesday said that it has decided to write to the economic offence wing in Delhi to launch an investigation against Logix Blossom Zest realty project that 
allegedly failed to clear its financial dues and also didn’t deliver apartments to homebuyers. The reality firm, however, has rejected the allegations.
The move comes after the authority realised that the realtor Logix Group has allegedly misused funds collected from the homebuyers. The partially completed project -- Logix Blossom 
Zest – is located in Sector 143.
On April 8, 2024, the Noida authority allotted 100,080.98 square metre land to develop the housing project along the Noida-Greater Noida Expressway. On June 14, 2011, the authority 
executed the lease deed of the land.
“The realty firm Logix Group has not paid the land cost dues despite repeated notices served in the past. The realty firm neither paid the land cost dues nor delivered the project to the 
homebuyers within the fixed deadline,” said Lokesh M, chief executive officer, Noida authority.
“Apart from this, promoters of the Logix Group that include Devendra Mohan Saxena, Shakti Nath, Vikram Nath, and Meena Nath sold the apartments to homebuyers thereby creating 
the third party interests on this land, without bothering to clear the financial dues of the Noida authority,” the CEO added.
The promoters have used the funds collected from the homebuyers for different purpose than completing the project, said the authority officials.
As a result, the homebuyers are made to suffer and financial interests of the authority have been affected. “In view of these anomalies including misuse of the funds, the authority has 
written to the economic offence wing of Delhi to probe into accounts of the realty firm to determine where the funds have gone,” the CEO said.

Refuting the allegations made by the Noida authority, Shakti Nath, promoter, Logix Group, said, “The Delhi economic offence wing has already completed its probe and there were no 
irregularities of any kind established.”
The Noida authority, meanwhile, has also decided to take action against two other housing projects -- Lotus Zing located in Sector 168 and GSS Procon in Sector 143B.
“Promoters of these two housing projects have committed irregularities in valuation of their assets in these two projects to cause financial loss to the Noida authority and also the 
homebuyers. Therefore, the authority has decided to file a complaint before the insolvency and bankruptcy board of India (IBBI) for suitable action as the matters are pending before 
the national company law tribunal,” Lokesh M added.
The developers of these two projects -- Lotus Zing and GSS Procon were unavailable for a reaction on the matter despite repeated attempts.



Source : Hindustan Times