With Rs 3,500 crore outstanding, Noida authority cracks whip on builders
Noida authority has issued notices to 35 real estate companies including Amrapali, Gardenia, Unitech and Logics for outstanding of over Rs 3,500 crore against the group housing plots allocated to them. The authority has warned them of cancelling the land allotment lease if they fail to deposit the money within 15 days of issuance of notice.
'Almost every real estate company in the area has some outstanding. We have issued notices to 35 real estate companies and builders in the area which have an outstanding of Rs 20 crore to Rs 750 crore,' said GP Singh, finance controller of Noida.
'The builders and real estate companies have been asked to clear their outstanding or face action including cancellation of their sale agreements,' added Singh.
Unitech group has the maximum outstanding, of Rs 750 crore, against its four projects in Noida. Amrapali group is currently executing its six projects in Noida which have a total outstanding of Rs 300 crore. The real estate major Gardenia has an outstanding of Rs 225 crore on its two projects in the area.
'The outstanding is for over two to three years but these companies had not paid heed to our notices in the past,' added Singh.
Ironically, the construction work on most of these projects is in progress, but the companies are yet to clear the dues of the authority. Earlier, the authority had issued notices to these builders and real estate giants in July 2012 but only a few of them turned up to deposit their dues, that too only partially. The authority could collect only Rs 1,000 crore of outstanding between July 2012 to April 2013.
'Almost every real estate company in the area has some outstanding. We have issued notices to 35 real estate companies and builders in the area which have an outstanding of Rs 20 crore to Rs 750 crore,' said GP Singh, finance controller of Noida.
'The builders and real estate companies have been asked to clear their outstanding or face action including cancellation of their sale agreements,' added Singh.
Unitech group has the maximum outstanding, of Rs 750 crore, against its four projects in Noida. Amrapali group is currently executing its six projects in Noida which have a total outstanding of Rs 300 crore. The real estate major Gardenia has an outstanding of Rs 225 crore on its two projects in the area.
'The outstanding is for over two to three years but these companies had not paid heed to our notices in the past,' added Singh.
Ironically, the construction work on most of these projects is in progress, but the companies are yet to clear the dues of the authority. Earlier, the authority had issued notices to these builders and real estate giants in July 2012 but only a few of them turned up to deposit their dues, that too only partially. The authority could collect only Rs 1,000 crore of outstanding between July 2012 to April 2013.