The Noida authority on Thursday said it has cancelled the allotment of a group housing plot measuring 13,961 square metres in Sector 143.
Limited, failed to clear land cost dues of ₹130 crore despite repeated notices. The authority also started the process of taking over possession of the group housing land parcel and officials said they will re-allot the land to a new developer with an aim to recover its revenue.
“We have cancelled the allotment of this group housing plot that has been lying vacant and the realty firm has failed to clear dues of ₹130 crore despite the authority sending it notices. After the firm failed to reply to our notices and also showed no interest in paying the dues, the authority cancelled the allotment and started the process of taking over the land. Docile Buildtech is a subsidiary firm of Logix Group,” said Lokesh M, chief executive officer, Noida authority.
According to officials, the authority in 2011 allotted 100,090 square metres of land to Logix City Developers Private Limited for a group housing project in Sector 143.
On November 18, 2017, the Noida authority sold 13,961 square metres from the 100,090 square metre group housing land to Docile Buildtech, which was to develop the group housing project.
The authority allotted the plot at a rate of ₹23,550 per square metre. But even after so many years, the firm neither built the housing project nor paid the dues to the authority, said officials.
“If we calculate the value of these 13,961 square metres group housing plot at the prevailing market rate, then it may be worth about ₹450 crore. Once we take possession of this plot and resell it, then we can recover our dues and also collect additional revenue,” Vandana Tripathi, additional chief executive officer, Noida authority.
Credit by: https://www.hindustantimes.com/