Noida Authority Takes Action Against Builders For Rs 825 Crore Unpaid Dues

                Noida: Noida Authority has filed a complaint with Delhi Police's economic offences wing (EOW) against developers Shubhkamna Buildtech and IVR Prime Developers for failing to pay 
dues and diverting funds collected from the sale of flats.
Accusing the promoters — Shubhkamna Buildtech and IVR Prime Developers — of misappropriating funds collected from the sale of apartments but not paying up their dues, Noida 
Authority argued that it not only caused big financial losses but also left homebuyers in distress.
Noida Authority CEO Lokesh M said Shubhkamna promoters Mukesh Khurana, Diwakar Sharma, Kamal Singh Rothan, Harish Kumar and Piyush Tiwari created third-party rights by 
selling flats at their group housing project Shubhkamna Tech Homes in Sector 137 but diverted the funds without clearing its land dues. As per the Authority's data, the builder's dues 
exceed Rs 165 crore, even as no occupancy certificate has been issued for the Rs 692 flats.
Subsequently, a complaint was filed with the EOW on Tuesday, seeking an investigation into the discrepancies.
The developer was allotted a 22,566 sqm plot on March 23, 2010, for the project. Possession of the land was granted on Aug 20 of that year after a lease agreement was executed in 
July.
IVR Prime Developers (formerly IVRCL Infrastructure) was allotted 1.3 lakh sqm of land on April 18, 2007, for Ajnara Ambrosia project in Sector 118. The project has 4,065 sanctioned 
flats, but only 3,385 units have been constructed, none of which have been registered. The developer owes Noida Authority over Rs 660 crore.
A statement issued by the Authority states the promoters, Ila Reddy, E Sudhir Reddy, K Ashok Reddy, R Balrami Reddy, E Sunil Reddy, TN Chaturvedi, RC Sinha, TRC Bose and 
Ashish Dhawan, allegedly created third-party rights by selling flats and misusing the proceeds. A formal complaint was submitted to the Delhi Police EOW as the promoters failed to 
clear dues or complete the project despite repeated notices.
The Authority has also issued a recovery notice of Rs 57.6 crore against Sethi Buildwell. The promoter was allotted 20,000 sqm of land on June 9, 2010, for the Sethi Max Royal 
housing project in Sector 76. Of the 726 sanctioned flats, only 455 have been registered, while 281 remain unregistered.
Officials said the developer had opted for the state govt's rehabilitation policy for stalled projects, rolled out in Dec 2023, but failed to deposit 25% of the recalculated dues upfront.
On Tuesday, the Noida Authority directed the DM to recover the dues as land revenue through a recovery certificate. Lokesh M told TOI the steps were crucial to safeguard the 
interests of homebuyers and ensure adherence to financial and regulatory obligations.
In Sept, Noida Authority decided to write to the EOW to investigate defaulting developers, conduct financial audits, and track whether funds received from homebuyers were diverted. 
Subsequently, it issued a final notice to developers of seven residential projects, including IVR Prime, cumulatively owing Rs 1,035 crore in land dues, to pay up.
In Nov last year, it filed a complaint against promoters of Logix City Developers Pvt Ltd over Rs 666 crore unrealised dues and missed delivery timelines for its Blossom Zest housing 
project in Sector 143.



Source : Times of India