GNIDA serves final notice to 8 realtors over payment of dues

Greater Noida Industrial Development Authority (GNIDA) is raining down on builders who are yet to make outstanding payments to the authority and, to this extent, has issued final notice to eight builders in Greater Noida West who failed to clear their debts despite having receiving several previous notices.

Furthermore, the notified builders are yet to lay the foundation stone of their respective projects.

The notice declares cancellation of the land allotted by the Authority to the builders, if they fail to make the payments within fifteen days of the notice being issued to them. GNIDA has payment of more than Rs 200 crore pending with these eight builders.

The Authority is yet to receive more than Rs 12,000 crore from numerous builders, regarding which it has sent multiple notices several times.

The Authority is under a debt of Rs 7,000 crore, which has forced it to take immediate and serious actions against the erring builders. "We are cancelling the lands of builders who have failed to pay the debts to the Authority, even after having issued several notices to them. If the builder wants to save themselves, they should clear all the installments pending, otherwise their land will be taken back by the Authority" said Deepak Agarwal, Chief Executive Officer, GNIDA.

"If the land is taken back from the builder, the interest of the flat buyers — who have invested in such projects — will not be affected. We are planning to make the payments to the affected buyers from the security which has been already deposited to the Authority at the time of allotment," said a GNIDA official.

The Authority has already cancelled the land allotted to Value Infra Build Private Limited, as the builder had made a payment of Rs 5 crore against the allotted land worth Rs 20 crore.

After failing to make the rest of the payments, despite getting several reminders, the Authority cancelled the allotment.