Noida Authority sealed Omaxe Buildhome’s Grand Omaxe housing society in Sector 93B over non-payment of Rs 457.8 crore dues on Friday.
The developer failed to deposit the mandated 25% of recalculated dues, around Rs 114.4 crore, after the Covid zero-period reduction, upfront even after opting in for the relief package.
Noida Authority CEO Lokesh M said the developer defaulted on the payment despite multiple notices. A team visited the site and sealed the property on Friday, he added.
The Authority announced on Thursday that it will seal unsold flats and vacant land at three projects — Grand Omaxe (Omaxe Buildhome) in Sector 93B, Antriksh Golf View (Colourful Estate) in Sector 78 and Matrott (Skytech Constructions) in Sector 76 — after giving them a long rope to reschedule their dues under UP govt’s relief package announced on the basis of Amitabh Kant committee’s recommendations.Only 22 out of 57 defaulting projects in Noida have accepted the rehabilitation package, which offers a two-year zero-period relief from April 2020 to March 2022, exempting developers from interest and penalties due to Covid-related lockdowns. However, 29 realtors, with cumulative land dues of around Rs 6,900 crore, have yet to take up the package and have over 12,700 flats pending.
As reported by TOI earlier this week, Noida is exploring filing complaints with the police’s economic offences wing (EOW) against these developers for diverting money received from homebuyers elsewhere.
Greater Noida Authority too held a meeting on Friday urging developers to clear dues and expedite the registration process. Additional CEO Saumya Srivastava said 13 builders of a total of 98 defaulter projects have deposited the outstanding amount, while 58 builders have deposited 25% of their dues so far.
“A total of 71 builders have benefited from this policy and permission has been granted by the Authority to initiate registration of 9,558 flats in these 71 projects. During the meeting, we directed the realtors to expedite the completion of the registration of the remaining flats,” he said.
Builders have up to six months from the date of permission to complete the registration without incurring a late fee. If builders fail to deposit the 25% amount, their land allotments are to be cancelled.
GNIDA will also approach the EOW to initiate a forensic audit of defaulter projects.
