Noida Authorities to Notify EOW as Developers of Seven Projects Fail to Settle ₹1,035 Crore in Dues.

Noida Authority is set to notify the police's Economic Offences Wing (EOW) regarding developers of seven residential projects that collectively owe ₹1,035 crore in land dues and have declined to participate in the Uttar Pradesh government's rehabilitation package for stalled projects.

On Tuesday, the Authority issued a final notice to these developers, demanding information on unsold flats and shops, as well as unutilized portions of project land. If the requested data is not provided promptly, officials indicated that the cases would be referred to the EOW.

In September, the Authority had tasked the EOW with investigating these defaulting developers, conducting financial audits, and determining whether they had misappropriated funds received from homebuyers. This action aligns with Chief Minister Yogi Adityanath's directive to enforce punitive measures against non-compliant developers, including sealing vacant or unallocated flats and reclaiming unconstructed or vacant areas as outlined in the rehabilitation package.

Out of 57 projects that defaulted on land dues, 29 developers have accepted the rehabilitation package, which offers a two-year relief period—exempting them from interest and penalties for the duration when work was halted due to COVID-19 lockdowns. However, 29 developers, who owe Noida approximately ₹6,900 crore in land dues and have over 12,700 flats, have yet to accept the package.

Among these, seven projects have been singled out for final notices due to their refusal to consent to the rehabilitation package despite repeated attempts by the Authority. These projects include IVR Prime in Sector 118 (₹659.9 crore owed), Futech Shelters in Sector 75 (₹114.84 crore), Gardenia India Ltd in Sector 75 (₹111.84 crore), TGB Infrastructure in Sector 50 (₹55.27 crore), MPG Realty Pvt Ltd in Sector 137 (₹38.92 crore), AGC Realty Pvt Ltd in Sector 121 (₹20.80 crore), and Manisha KB Projects in Sector 61 (₹38 lakh). Together, these projects account for 3,816 flats, all of which are pending registry.

Officials noted that vacant properties linked to non-compliant builders are likely to be sealed. On Tuesday, the Authority sealed 31 unsold flats at Sikka Infrastructure Pvt Ltd in Sector 143B due to outstanding dues of ₹208.05 crore. Although the developer had opted for the government relief package, it failed to deposit 25% of the outstanding amount despite receiving multiple notices.

The Authority is also planning to take action against builders who have only partially paid the required 25% of their total dues after accepting the relief package. Final notices will be issued soon, and the Authority may cancel allotments and lease documents for those who do not comply.

Developers such as Pratik Realtors India Pvt Ltd, Antriksh Developers and Promoters Pvt Ltd, Omaxe Buildhome Pvt Ltd, Perfect Propbuild Pvt Ltd, Imperial Housing Ventures, and Assotech Contracts India Ltd are among those yet to pay the full initial deposit. Additionally, notice boards will be placed at the gates of builders who have made the initial 25% payment, urging them to expedite the registration of remaining flats.

ET