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NOIDA: The Noida Authority has issued notices to 44 developers for defaulting in payments due in lieu of land allotted to them for construction of group housing societies. Earlier, the Authority had sent several reminders to the builders, but after not receiving a positive response the notices were issued. Officials have set the deadline of June 30 to deposit the dues and, if they do not follow the instruction, then the Authority may cancel the lease deeds.
This move of the Authority may hit homebuyers hard as they may not be able to get their homes in time if work is stopped or lease deeds are cancelled. The dues are to the tune of Rs 1,407.89 crore.
Officials said developers only pay a certain percentage of the price of the plots allotted to them and the remainder has to be paid in installments along with interest. Senior finance and accounts officer, VK Jain, said, "As per norms, plot owners have to pay 11% interest, but if they default a penalty is charged and the rate is hiked to 14%."
"The builders have repeatedly ignored our reminder letters. We have now decided to take stringent action against them," said a senior Authority official.
The builders who have defaulted in payment include those who were allotted plots in Sectors 44, 45, 46, 50, 61, 74, 76, 77, 78, 93B, 107, 113, 115, 117, 118, 119, 120, 121, 137, 143, 143B, 168 and 144 in Noida. The developers include well-known ones like Gardenia AIMS, Omaxe Buildwell, Ajnara India, Antriksh, Skytech, Amrapali, Unitech, Ambience Projects and Infrastructure, Imperial Housing Venture, Logix Infrastructure, Sikka Infrastructures, Three C Estate, Opulent Infradevelopers, Paras Seasons Haven, Sethi group, among others. TOI has a copy of the notice that has been issued by the Authority.
Noida Authority GM (group housing), DB Malik, said the developers were sent notices after the accounts department gave him a report stating despite several notices, the developers had not paid their dues. "We had given them ample time to pay their dues, but they did not heed out earlier correspondence," said Malik.
Source :
Noida builders get payment notice - The Times of India
Anyone has any news on stylome?? I read in navbharat times that there are 2 projects in defaulter list in sector 45 and i think there are only 3 projects there - stylome, nri and sapphire.................so anyone has any news on stylome?
This move of the Authority may hit homebuyers hard as they may not be able to get their homes in time if work is stopped or lease deeds are cancelled. The dues are to the tune of Rs 1,407.89 crore.
Officials said developers only pay a certain percentage of the price of the plots allotted to them and the remainder has to be paid in installments along with interest. Senior finance and accounts officer, VK Jain, said, "As per norms, plot owners have to pay 11% interest, but if they default a penalty is charged and the rate is hiked to 14%."
"The builders have repeatedly ignored our reminder letters. We have now decided to take stringent action against them," said a senior Authority official.
The builders who have defaulted in payment include those who were allotted plots in Sectors 44, 45, 46, 50, 61, 74, 76, 77, 78, 93B, 107, 113, 115, 117, 118, 119, 120, 121, 137, 143, 143B, 168 and 144 in Noida. The developers include well-known ones like Gardenia AIMS, Omaxe Buildwell, Ajnara India, Antriksh, Skytech, Amrapali, Unitech, Ambience Projects and Infrastructure, Imperial Housing Venture, Logix Infrastructure, Sikka Infrastructures, Three C Estate, Opulent Infradevelopers, Paras Seasons Haven, Sethi group, among others. TOI has a copy of the notice that has been issued by the Authority.
Noida Authority GM (group housing), DB Malik, said the developers were sent notices after the accounts department gave him a report stating despite several notices, the developers had not paid their dues. "We had given them ample time to pay their dues, but they did not heed out earlier correspondence," said Malik.
Source :
Noida builders get payment notice - The Times of India
Anyone has any news on stylome?? I read in navbharat times that there are 2 projects in defaulter list in sector 45 and i think there are only 3 projects there - stylome, nri and sapphire.................so anyone has any news on stylome?
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