GREATER NOIDA: Days after the Greater Noida Authority cancelled a group housing plot in the city, the Yamuna Expressway Industrial development Authority (YEIDA) on Friday initiated the process of cancellation of seven allotments in its area. The developers in question, which include five group housing builders, and two institutional ones, owe the Authority nearly Rs 525 crore.
According to YEIDA officials, the process of cancellation of the seven allotments has started. “We have started issuing show-cause notices to the developers as they have not fulfilled their commitments in keeping with the rescheduled payment plan policy offered to them last year,” said Arunvir Singh, chief executive officer (CEO), YEIDA.
The show-cause notices are being issued to 3C Homes Pvt Ltd in sector 22A, 3C Residency Pvt Ltd in Sector 18, HC Infrcity Pvt Ltd in Sector 22D, Sukriti Infrcon in Sector 22D, Sunwhite Infratech in Sector 18, Tyag Buildspace in Sector 17A and MMA Grains in Sector 17A.
“These defaulters were to pay 15% of their pending amount by September 2016. Despite repeated reminders, they have failed to pay up. Hence we have been left with no choice but to issue them a show-cause notice and start plot allotment cancellation procedure thereafter,” he told TOI.
“After initiating the amnesty scheme, we have received about 25 applications from builders opting for the rescheduled payment plan. According to the plan, property owners had to pay 15% of their outstanding dues besides paying the rest in instalments. They also had to pay 15% of the additional compensation amount of 64.7%, which has to be distributed to farmers,” said Amarnath Upadhyay, additional CEO, YEIDA.
Officials said that after land is allotted to developers, registration done and building plans sanctioned, the construction has to be launched within a year. In the case of the seven developers, no construction has been carried out. “These builders had applied for amnesty or rescheduled payment plans but have failed to deposit their first instalment,” Singh said.
“Since we do not want third party rights to be created, we will issue the show-cause notices asking why the plots should not be cancelled. If we do not receive a reply within 15 days, we will go ahead and cancel the allotment,” he warned.