YEIDA cancels occupancy certificate, bans sale of plots in two housing projects
The SDS project is spread over 140 acres in Sector 26A and the Green Bay project is spread over 110 acres of prime land located in Sector 22D near the Buddh International Circuit along 165 km Yamuna ExpresswayUpdated: Mar 05, 2018 23:33 IST
The Yamuna Expressway industrial development authority (YEIDA) on Monday said it has cancelled the occupancy certificate of two mega housing projects being developed by SDS Infracon Private Limited and Green Bay Infrastructure Private Limited.
This came after the two builders failed to develop common facilities in their respective projects located along the 165km Yamuna Expressway.
The SDS project is spread over 140 acres in Sector 26A and the Green Bay project is spread over 110 acres of prime land located in Sector 22D near the Buddh International Circuit along 165 km Yamuna Expressway. The SDS has carved out 1,455 plots in its project and had also executed registry of some of them.
The Green Bay project consists of 648 plots and a group housing development and the builder has also sold plots after partially developing the property, though the group housing project is yet to be constructed.
“Six months ago, we directed SDS Infracon Private Limited and Green Bay Infrastructure Private Limited to finish the remaining common facilities such as roads, sewer lines, parks, water tanks and club, among others. But, they failed to complete all these facilities. Therefore, we have put a ban on sale of plots and also cancelled the temporary occupancy certificate, which was earlier issued on the condition that the two builders will complete the remaining common facilities,” Arun Vir Singh, chief executive officer, YEIDA, said.
Hundreds of people have bought plots from the two builders, though they are yet to move into them.
The authority has also directed the two builders to deposit the funds collected for the housing projects and diverted elsewhere, officials said.
As per the authority, the SDS Infracon diverted Rs 182.44 crore and Green Bay diverted Rs 173.10 crore collected from homebuyers.
“If the two builders fail to return the diverted funds, they will face legal action. We cannot allow builders to pocket the money collected from homebuyers and misuse it. We had given adequate time to the builders to reply. As the two did not reply to notices, we have initiated this action,” Kumar said.
YEIDA had allotted land to the two builders in 2010 after they paid 10% of the total land cost.
Six months ago, YEIDA chairman Dr Prabhat Kumar warned the two builders to either complete the remaining common facilities or face action.
Davesh Chhokar, general manager, SDS Group, said, “We have not diverted money collected from buyers. Also, we have tried to comply with the notices. We could not comply on some points such as submitting a “no dues” certificate because that has to be issued by the authority. We will comply with the remaining points soon.”
Green Bay representatives were not available for comment.