Noida: Omaxe Group’s 9,262 sqm plot sealed for default in payment
Noida authority sealed Omaxe Buildhome's land for failing to clear ₹457.81 crore dues, affecting 500 apartment owners unable to register properties.
The Noida authority on Friday sealed a 9,262.625 square metre land parcel of Omaxe Buildhome Private Limited for failing to clear ₹457.81 crore dues despite repeated notices.
The move comes after the realtor failed to pay at least 25% ( ₹114.45 cr) of the total land cost dues and obtain permission for registry of apartments in the name of the homebuyers.
Under the state government policy launched on December 21, 2023, the authority is offering waivers on interest to stuck housing projects for the period of the Covid pandemic.
“We have sealed the unused land parcel of Omaxe Buildhome after the realtor failed to make use of the policy… under which we offer waivers so that the dues can be cleared easily. But despite the relief given in the policy the Omaxe Group is not coming forward to pay the dues and obtain permission for the registry. Therefore, the authority has acted against the realtor. And the action against other defaulter realtors will continue,” said Vandana Tripathi, additional chief executive officer, of Greater Noida authority.
The authority had on October 3, 2006 allotted the housing land in sector 93B for developing a housing project, located along Noida-Greater Noida Expressway.
Subsequently, the authority had on December 29, 2006 executed the registry of the plot, and also gave possession of this prime land on which a luxury housing project was developed by the realtor.
To be sure, the authority needs to recover ₹457.81 crore land cost dues that remained unpaid till December 31, 2023.
The authority in January, 2024 through a notice directed Omaxe to pay the 25% of the dues.
Around 500 owners of apartments in Grand Omaxe have been suffering for six years and are still not able to transfer the property title to their names.
“Most of these apartment owners had purchased stamp fee 10 years ago. Some of them gave the stamp fee money to the builder itself. But even a decade later, these apartment owners are not being able to register there,” said PVS Prakash, a resident of Grand Omaxe and former apartment owners association president.
The promoter of Grand Omaxe was not available for comment.
Around 500 residents of Grand Omaxe housing complex in Sector 93B are yet to receive their property title despite paying the total flat cost as the Noida authority will allow registry of these flats only after the builder deposits dues.
Residents asked why they should suffer for the builders’ fault even after paying the total cost on time.
The Omaxe Buildhome private limited has developed around 1,500 apartments in this project named Grand Omaxe and residents are living in this project.