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Seven builders including Logix, Supertech, Antriksh to deliver 8,000 flats in Noida

Ninety-four projects stuck in Noida as developers yet to clear Rs10,290-crore land dues; in September, UP chief minister Yogi Adityanath had warned builders to deliver 50,000 flats by December or face consequences

noida Updated: Nov 01, 2017 14:51 IST
Vinod Rajput
Vinod Rajput
hindustan times
noida real estate,noida realty,noida flats
The builders have complete all formalities to deliver flats in Noida. (Sunil Ghosh/HT Photo)

Rushing to meet the chief minister’s December deadline to builders to hand over 50,000 flats to homebuyers, seven developers are completing formalities and preparing to clear around Rs 150 crore in land dues. They aim to deliver around 8,000 flats to homebuyers in nine housing projects in different Noida sectors.

Builders’ promise
Seven builders will clear Rs 150 crore as land dues and offer possession of 8,000 flats in nine housing projects by December

As many as 94 housing projects are stuck in Noida as the developers have failed to clear Rs 10,290 crore in land dues to the Noida authority.

The seven builders are likely to start handing over flats in December once all formalities are completed, officials said.

The developers in Noida have not been able to clear land dues citing a dip in sales. Builders were allotted group housing plots after paying 10% of the total land cost. The remaining 90% land cost was to be paid in half-yearly instalments over eight years from the date of allotment.

Noida authority CEO Alok Tandon recently came up with new schemes allowing builders to apply for occupancy certificate (OC) against part payment of land dues. Under this scheme, a builder can clear land dues for a particular tower, get OC—mandatory for getting registry of flats done —and allow buyers to shift into a housing unit.

The initiative was taken after several builders were unable to clear land dues due to financial crisis caused by economic slowdown in the real estate sector.

“These seven builders have already taken the statement regarding payment of dues and the amount they need to clear to be eligible for an OC. As soon as they pay the dues, they will get the occupancy certificate,” Manmohan Mishra, financial controller of the Noida authority.

The seven builders, who will deliver a total of 8,000 flats are Logix Group, which is developing three projects in sectors 137 and 143; Supertech Limited in Sector 74; IVR Prime Developers in Sector 118; Sunshine Infrawell Private Limited in Sector 78; Antriksh Developers & Promoters in Sector 78; Greater Value India Limited in Sector 107 and Colorful Estate Private Limited in Sector 78.

Logix Group will deliver 927 flats in its Blossom County project in Sector 137, 1,594 flats in Blossom Greens and 1,084 flats in Blossom Zest, both in Sector 143. The Supertech Group has promised to deliver 500 flats in its Capetown project in Sector 74. IVR Prime developers will deliver 650 flats in its Sector 118 housing project in December. Other four builders will deliver the remaining 3,245 flats, officials said.

Managing director of Supertech Limited, Mohit Arora, said, “We are giving finishing touches to 500 flats and also obtained the offer letter from the Noida authority to pay land dues. Once the authority will issue us the OC we will start offering possession.”

Logix Group CMD Shakti Nath told Hindustan Times, “We will deliver 1,594 flats in Phase-II of Logix Blossom Greens in Sector 143 and 1,084 flats will be delivered in Phase-I of Logix Blosom Zest in Sector 143 in December. We will deliver 927 flats in Logix Blossom County project in February. We are paying dues and getting occupancy certificate for these three projects.”

First Published: Oct 31, 2017 22:52 IST