Noida Authority seals towers over ₹703-cr dues
Noida: The Noida Authority on Wednesday sealed three under-construction towers and 10 commercial outlets at the Lotus Panache project in Sector 110, citing dues amounting to Rs 703 crore and continued construction without valid building plan approval. The action was taken against the project’s developer, Granite Gate Properties Pvt Ltd. The 1.6 lakh sqm project, approved for 31 towers and 4,018 housing units, has long been under scrutiny for multiple violations. Last year, the Authority had sealed three other towers of the same project over similar irregularities.
Earlier this year, the developer, which is currently undergoing insolvency proceedings, approached the Allahabad High Court through its resolution professional (RP). The petition requested directions for the Authority to process the pending revalidation application, sought a five-year extension of the building plan, and asked for earlier sealing orders to be quashed. It also requested that no coercive action be taken until the Authority reached a decision.
On April 7, the High Court disposed of the petition, instructing the Noida Authority to decide on the revalidation application dated August 9, 2023, within four weeks, after granting the resolution professional a proper hearing. The court also recorded that while the developer claimed to have paid the charges for revalidation and extension, the Authority had yet to make a final determination.
Following the court’s directive, Noida Authority CEO Lokesh M held a hearing with the appointed RP. The Authority later issued an official letter on June 13, informing the RP that the project’s total outstanding dues from January 11, 2019 to June 30, 2025 stood at Rs 703 crore. It further clarified that no construction was permitted at the site unless and until the building plans were formally revalidated.
A public notice board listing the pending dues was installed at the project site last month. Despite the clear warning, the developer continued construction activities. In response to this violation, the Authority carried out the sealing drive, which officials said would remain in effect until all regulatory and financial requirements were met. mpost
