Noida Authority cancelled on Thursday the allotment of nearly 14,000 sqm land parcel to Docile Buildtech Pvt Ltd, a Logix Group subsidiary, over non-payment of Rs 130 crore dues. The plot in Sector 143, which saw no construction over the last six years since it was allotted, was sealed after the company failed to respond to multiple notices.
Logix Developers were allotted 1 lakh sqm at Sector 143 for a group housing project in 2011. A portion of this plot was subdivided and registered in favour of Docile Buildtech on Oct 30, 2018.
“Despite repeated notices, the company did not deposit the outstanding amount. On Oct 22, the Authority issued a final 15-day notice to Docile Buildtech, but it went unheeded. So, the allotment of 13,961 sqm was cancelled and the registry terminated,” Noida Authority CEO Lokesh M said.Officials said a case has been filed against Docile Buildtech in the National Company Law Tribunal (NCLT), but insolvency proceedings are yet to be initiated. Logix Developers too are undergoing insolvency proceedings in the tribunal.
According to officials, the Sector 143 plot was initially allotted at a rate of Rs 23,550 per sqm, totalling Rs 32 crore. At the time of registration, the company paid Rs 3.2 crore but failed to make any subsequent payments. Over the years, the outstanding amount, including penal interest, touched Rs 130 crore. The current market value of the land is estimated to be Rs 450 crore.
The Authority now plans to re-allot the plot to a new developer to recover its revenue.
Last month, the Authority lodged a complaint with the Delhi Police’s Economic Offences Wing (EOW) against the promoters of Logix City Developers for unrealised dues and missed delivery timelines for its Blossom Zest housing project in Sector 143.
The promoters — Devendra Mohan Saxena, Shakti Nath, Vikram Nath, and Meena Nath — are accused of creating third-party rights and misappropriating funds collected from homebuyers while failing to clear the Authority’s dues.
