More than two children? Cannot join housing society committee: Bombay HC

By Bricksnwall | 2024-06-21

The Yamuna Expressway Industrial Development Authority (Yeida) is planning to partially cancel the land allotments of builders ATS Realty and Supertech Township Project Limited after they repeatedly failed to pay land costs, according to officials familiar with the matter.

In 2013, Yeida awarded 100-acre property lots in Sector 22D to real estate businesses, that were meant to develop their individual projects. ATS completed the Allure township project with 1,800 residential units, but still owes Yeida ₹668 crore. Supertech failed to pay the authorities ₹677 crore, according to officials.

Supertech Limited chairman RK Arora stated, "Yeida cannot cancel the allocation because the Allahabad High Court has already issued a directive that no coercive action should be taken because the land in question is disputed." Yeida's action will be illegal if the cancellation goes through.  which allows a realtor to pay 25% of the total dues upfront after receiving interest waivers for two years due to COVID-19. The realtor can pay 75% of the remaining balance over one to three years.

We delivered notices to these two firms, instructing them to accept rebates and pay dues in order to keep their allotment. But they have yet to show up to make the payment. As a result, we will propose at the future board meeting on June 22 to partially revoke their allotments. "The board will now decide the fate of the allotments," said Arun Vir Singh, Yeida's CEO.

ATS Realty received ₹136.77 crore in relief and a ₹531.37 crore waiver under the state government's scheme for stranded legacy housing projects. According to Yeida officials, the realtor was supposed to pay 25% of the revised dues by April 28, but has yet to do so.

But ATS Group chairman Getambar Anand said they are ready to seize the chance, but demanded that the authority first give them custody of 180,000 square metres of land that is currently used by farmers.

"We requested a time extension until May 30 and agreed to pay ₹93.9 crore upfront." Farmers continue to occupy and cultivate at least 180,000 square meters of our allotted land. We offered farmers ₹53.5 crore as 64.7% more compensation in exchange for actual control of their land. We proposed depositing 25% of the entire plot cost (₹372.7 crore) in three installments within 60 days after layout/map clearance. "We hope our issues will be resolved," Anand stated.

The government provided Supertech with ₹128.68 crore in interest exemptions, although the realtor was required to pay ₹549.11 crore in recalculated dues. However, the realtor did not clear these dues, according to officials.

"Supertech was supposed to pay ₹137.28 crore, or 25% of the total dues, but the realtor did not pay." The 60-day payment term ended on April 28, and Supertech seemed unconcerned about the destiny of the 3,200 purchasers who had invested in this project," Singh stated.

According to RK Arora, chairman of Supertech Limited, Yeida cannot rescind the allotment because the Allahabad High Court has already ordered that no coercive action be taken because the land in question is disputed. Yeida's action will be illegal if the cancellation goes ahead.

Source: HindustanTimes