INDIA
INDIA The issue traces its roots back to 2010, when the Noida authority leased a plot of 20,900 square meters of land to Skytech for the development of a housing project; Skytech, having constructed and sold apartments on this land, did not adhere to the payment schedule for the land cost. Varnika Srivastava Updated : Dec 20, 2024, 09:03 PM IST In an effort to recover the significant amount of unpaid dues, which has now reached ₹24 crore, the Noida authority took decisive action on Thursday, sealing 27 apartments in the Skytech Matrott housing society; this move came after repeated attempts by the authority to secure the outstanding payments through numerous reminders and notices, all of which failed to prompt any response from Skytech Construction, the developer responsible for the payments. The issue traces its roots back to 2010, when the Noida authority leased a plot of 20,900 square meters of land to Skytech for the development of a housing project; Skytech, having constructed and sold apartments on this land, did not adhere to the payment schedule for the land cost, which was to be paid in installments, thus resulting in the ongoing dispute over the unpaid dues. Over the years, the Noida authority sent multiple notices and warnings to the developer, urging them to clear the dues and avoid any legal repercussions, but, despite these repeated efforts, the developer continued to neglect its financial responsibilities. According to Lokesh M, the CEO of the Noida authority, the decision to seal the 27 apartments in Sector 76, a move taken after multiple failed attempts at resolving the matter, was not made lightly; he confirmed that the unsold apartments were sealed and taken into possession due to the failure of the realtor to clear the ₹24 crore debt, which was owed despite several reminders sent by the authority. In his statement, Lokesh M emphasized that the action was in strict compliance with the Uttar Pradesh government’s directives, which have outlined specific measures to address such defaults by developers. The authority’s actions, which included the sealing of the apartments, also involve plans to auction off these flats in order to recover the unpaid dues; this decision was prompted by the Uttar Pradesh government’s directive issued in December 2023, which granted Noida authorities the power to waive interest on overdue land costs for defaulting developers; however, if developers fail to utilize this waiver, as Skytech did, the government has authorized the cancellation of land allotments, the seizure of properties, and the subsequent sale of these assets as a means to recover the outstanding payments. As Lokesh M further noted, the Noida authority remains fully committed to adhering to the government’s guidelines and will continue to take stringent action against developers who fail to fulfill their obligations; attempts made by reports to reach out to representatives from Skytech Construction for comment were unsuccessful, as no response was provided, leaving the developer’s side of the story unheard. None
What’s New
Spotlight
Advertisement
Featured News
Latest From This Week
Popular News
