NOIDA AUTHORITY RENEWS DEMAND FOR RS. 10,000 CRORE UNUSED UNITECH LAND
NOIDA: Noida Authority has reiterated its demand to reclaim over 8.5 lakh sqm of unused land allotted to Unitech, with an estimated value of over Rs 10,000 crore, to recover dues of over Rs 11,000 crore.
At a Jan 21 meeting, headed by retired SC judge Abhay Manohar Sapre, adviser to the govt-approved Unitech board of directors, Authority officials emphasised that the amount represents public money, which must be recovered to ensure the completion of urban infrastructure and amenities that benefit residents.
The dues, which include premiums, lease rent, additional compensation, and interest, are tied to several leased land parcels where Unitech has yet to launch any projects.
The Authority had originally allotted over 18.5 lakh sqm to the Unitech Group, but nearly 8.5 lakh sqm of land remains unused to date. The vacant land spans multiple sectors, including 96, 97, 98, 113, 117, and 144.
Among these, sectors 96, 97 and 98 alone account for 7.3 lakh sqm, valued at Rs. 8,886 crore, making it the largest parcel of unused land. Sector 113 has 36,000 sqm of vacant land that is valued at Rs 351 crore, based on the current rate of Rs 97,650 per sqm. Sector 117 has 35,000 sqm of vacant land worth Rs 342 Crore.
Sector 144 has two plots, measuring 30,247 and 21,494 sqm, valued at Rs 568 crore at the market rate of Rs 1.09 lakh per sqm.
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