Noida cancels the allocation of a good group housing plot in Sector 143, according to NCR real estate news

By Bricksnwall | 2024-12-06

The action was taken when Docile Buildtech Private Limited, a Logix Group subsidiary and real estate company, was unable to pay ₹130 crore in unpaid land costs.

On Thursday, the Noida government said that it has revoked the allocation of a 13,961 square meter group home site in Sector 143.

The action was taken after Docile Buildtech Private Limited, a real estate company, ignored numerous warnings and failed to pay ₹130 crore in unpaid land costs. Officials stated that they will re-allot the site to a new developer in an effort to recoup its earnings, and the authority also began the process of assuming control of the group housing land parcel.

We have annulled the allocation of this group housing site, which has been unoccupied, and the real estate company has not paid the ₹130 crore in outstanding debts, even after the authorities sent it letters. The authority terminated the allotment and began the process of reclaiming the land after the firm did not respond to our notices and did not express interest in paying the dues. According to Lokesh M, CEO of the Noida authority, Docile Buildtech is a division of Logix Group.

Officials claim that in 2011, the administration gave Logix City Developers Private Limited 100,090 square meters of land for a group housing project in Sector 143.

The Noida government sold Docile Buildtech 13,961 square meters of the 100,090 square meters of group housing land on November 18, 2017, with the intention of developing the group housing project.

The plot was given by the authority for 23,550 per square metre. However, officials said that despite the passage of several years, the company had not constructed the housing project or paid the authority's debt.

This 13,961 square metre group home site may be valued around 450 crore if its value is determined using the going market rate. We can recoup our costs and make more money after we seize this site and sell it," said Vandana Tripathi, the Noida authority's additional chief executive officer.

Because Logix City developers have been suspected of misusing funds gathered for Logix Blossom Greens, the authority has written to the Economic Offences Wing to investigate the matter.

According to Lokesh M, CEO of the Noida authority, "we sought the EOW probe so that we can do justice to homebuyers, who failed to get apartments in this project."

"Because the matter is still pending before the National Company Law Tribunal, the Noida authority cannot cancel the allotment or take over possession against Logix or Docile Buildtech," stated Shakti Nath, promoter of Logix Group. Additionally, as we have sold the apartments to purchasers in both developments, there is a third-party right. I have no idea how the authorities are behaving in this way.

Source: Hindustan Times