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HindustanTimes Sat,23 Aug 2014

Noida authority cancelled 30 commercial properties, realtors likely to face ire

Vinod Rajput, Hindustan Times  Noida, October 15, 2013
First Published: 20:07 IST(15/10/2013) | Last Updated: 20:14 IST(15/10/2013)

The Noida authority on Tuesday said that it has cancelled the allotment of 30 commercial properties including two plots meant for shopping malls. Also, the authority will ban sub-lease, mortgage and construction permission to defaulter realtors. 

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The authority cancelled allotment because allottees had defaulted on payments. They owed about Rs. 200 crores to the authority. The authority had allotted these shops to various allottees way back in 2000.

This is the first time that the authority has cancelled commercial property allotments at such a large scale creating panic among realtors, who are defaulting to pay back their dues to the authority.

“These 30 allottees had stopped responding to our repeated recovery notices. Now each allottee will have to pay default payment with restoration charges to get back their properties. But if they will fail to pay dues within next 3 months, then the allotment will be cancelled permanently,” said Manoj Kumar Rai officer on special duty (OSD), Noida authority.

Officials said that they are likely to cancel the allotment of 20 more commercial properties to recover their dues.

“If cancelation will not be revoked in next three months then we will allot these properties to fresh applicants,” said another official.
Plot meant for shopping mall are located in sector 2 and 61. Officials said that 28 commercial shops are located in posh sectors like sector 37, 29, and 22.

“We have got clear directions from chief executive officer that if any allottee including realtor is failing to pay dues on time, then do not hesitate to cancel the allotment because it is in the favour of the authority,” said official.

Two plots meant for shopping malls are worth Rs. 15-20 crore.

After canceling 30 commercial properties, the authority is planning to ban sub-lease, mortgage permission and construction permission to realtors, who are defaulting to pay their dues to the authority. The realtors are defaulting to pay 2, 400 crore dues to the authority.

“We are giving realtors last warning that if they will fail to pay dues to the authority then they will have to stop the construction. And those, who are about to start construction will not be allowed permission for the same,” said OSD. 

The authority’s decision is likely to create panic among buyers, who have booked flats in various realtors’ projects.


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