Noida Authority on Thursday said 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.
All three developers have failed to deposit the mandated 25% of recalculated dues, after the Covid zero-period reduction, upfront even after opting in for the relief package, officials said.At the Omaxe project, 9,000 square metres of vacant land has been identified while Antriksh Golf View has 27 unsold flats and Matrott has five. These will be sealed and auctioned to recover the dues, an official said.
Noida Authority has also given a week’s ultimatum to developers of 12 projects who have failed to deposit 25% of their dues. As reported by TOI earlier this week, Noida is exploring filing complaints with police’s economic offences wing (EOW) against these developers for diverting money received from homebuyers elsewhere.
The projects include Stylome (Pratik Buildtech), Laurel (Pratik Realtors), Arista (Sunworld Residency), Mahagun Moderne (Mahagun Real Estates), Paras Tierea (Imperial Housing Ventures), Eco City (Aims Max Gardenia), Helios (Sunshine Infrawell), Antriksh Golf View 1, Phase 2 (Antriksh Developers & Promoters), AVS Orchid (Perfect Propbuild), Orchard (AVP Buildtech), Windsor Court (Assotech Ltd) and Celeste Towers (Assotech Contracts).
These projects and the three where Noida has announced sealing together have recalculated dues of Rs 3,093 crore and 5,505 unregistered flats.
Noida Authority CEO Lokesh M said, “We have decided to take a more aggressive stance against non-compliant builders and initiate on-ground action. Of the 15 projects, we could find unsold inventory or vacant land in three projects, so immediate sealing of them was ordered. The rest were given a week’s time.”
Of the 57 stalled projects that are eligible for relief under the govt order of Dec 2023, builders of 22 have deposited 25% of the total assessed dues, amounting to Rs 275 crore. The dues for six builders have been nullified.A total of 2,558 (about 25%) flat buyers across these 28 projects have been granted permission for registry, with 1,298 registries completed and 1,260 pending. There are 29 projects whose developers have not applied for the rehabilitation package, with collective dues of nearly Rs 6,900 crore and around 12,700 unregistered flats.
The relief package to revive 2.4 lakh stalled flats, the bulk of which is in Noida and Greater Noida, includes a two-year ‘zero period’ waiver of penalties and interests charged during the Covid pandemic, which has substantially brought down total dues of developers. It also includes a time-bound repayment schedule for the recalculated dues.
Developers affected by National Green Tribunal’s construction ban to demarcate the eco-sensitive zone around Okhla Bird Sanctuary are also eligible for zero-period waiver from Aug 2013 to June 2015.
