The Greater Noida Industrial Development Authority (GNIDA) has issued recovery certificate to a private developer for not paying up dues worth around Rs 40 crore.
Mart Promoters Private Limited, had entered into agreement with the GNIDA and got two land parcels – measuring 11,777 sqm and 6,917 sqm – in Sector 16B, registered in its name in May 2017. The firm had paid around Rs 4 crore to the authority.
It had planned a commercial project and launched its first phase last year. “But Mart Promoters did not pay the remaining amount to the authority. It did not repond to notices as well,” said the additional chief executive officer of the authority, Deep Chandra. While Rs 38.37 crore is to be paid towards the allotment, Rs 1.49 crore is due as rental arrears.
On Thursday, the authority issued recovery certificate to the developer and asked it to pay up the dues. The GNIDA would cancel the deed and take back the land if the dues are not cleared, officials said.
Calls made to the registered office of the firm went unanswered.