Noida moves SC over ₹193 crore dues for Lotus 300 project
By Bricksnwall | 2024-11-22
In a September 27 judgement, the Supreme Court ordered the Noida Authority to provide registration clearances to protect homebuyers' interests.
On Thursday, the Noida authority filed a
"recall plea" in the Supreme Court to recover ₹193 crore in
outstanding dues from Hacienda Project Pvt Ltd, the developer of the Lotus 300
housing project in Sector 107.
In a September 27 judgement, the Supreme Court urged the Noida authority to provide registration licenses to protect homeowners' interests, regardless of the developer's outstanding dues. HPPL failed to meet its financial obligations for the project.
We have filed a recall petition requesting the
Supreme Court to reconsider its September 27, 2024 order. Without a
modification, the Noida Authority will lose ₹193 crore in government revenue,
which the developer has yet to pay. "This petition seeks to protect the
authority's financial interests," said Ravi Prasad Gupta, the Noida
Authority's chief legal adviser.
Following the Supreme Court's September order,
Noida Authority CEO Lokesh M nominated Vaibhav Gupta as a nodal person to
oversee the project's procedures. In the first phase, registers will be
provided for the 102 flats in Towers 1 and 2 that already hold occupancy
certificates. Towers 3 through 6, which lack these credentials, will be
addressed in the second phase after the appropriate documentation is finished,
according to officials.
The controversy began in February 2024, when the Allahabad High Court, in response to a writ suit filed by homebuyers, allowed the Noida Authority to proceed with the Lotus 300 registry without requiring the developer to provide a "no-dues certificate". The authority attempted to recover ₹193 crore in land costs but did not receive a favourable verdict from the Supreme Court. Officials are now hoping that the latest recall request would assist protect the authority's financial interests.
The Allahabad High Court ruled in February 2024
that the promoters had misled homeowners. The court found that the promoters
collected ₹636 crore from buyers, syphoned off roughly ₹190 crore, and
transferred part of the designated land to a third party for ₹236 crore in
profits.
According to officials, the Enforcement Directorate
(ED) is actively investigating the promoters of HPPL and the officials who
granted this land in response to the Supreme Court's ruling.
In 2010, the Noida Authority allocated 17 acres to HPPL, with units scheduled to be delivered by 2013-14. However, the developer failed to keep its promises, putting customers in uncertainty.
Source: Hindustan Times
