The Noida Authority has ordered the attachment of properties belonging to the realty group Aims Max Gardenia (AMG) due to outstanding dues amounting to Rs 2,409.77 crore related to two land allotments in the city. The decision, announced on Wednesday, marks a significant step in addressing legacy stalled real estate projects in Noida.
According to Noida Authority officials, AMG's pending dues include Rs 1,717.29 crore for a group housing plot in Eco City, Sector 75, and Rs 692.48 crore for a group housing plot in Sector 46. The status of these dues was updated as of December 31, 2023. Both plots were allotted to AMG subsidiaries.
The Noida Authority, operating under the Uttar Pradesh government, aims to ensure builders clear their dues and expedite the registry of flats in favor of buyers. The directive follows the state government's policy, established on December 12, 2023, to resolve issues surrounding stalled housing projects.
Lokesh M, CEO of the Noida Authority, stated, "In line with the policy, Noida Authority is identifying builders and facilitating the registry process for flat buyers by accepting 25 percent of the total dues owed to the authority."
With the deadline for availing the 25 percent relief expired in December 2023, the Noida Authority has mandated AMG to clear the full dues with interest. The authority plans to recover its dues by auctioning the commercial property developed on 60,000 square meters of the Eco City plot and 122 sealed flats from the Sector 46 project.
AIMS Max Gardenia, however, disputes the pending dues claimed by the Noida Authority. The group asserts that the actual amount is around Rs 1,050 crore and has expressed willingness to pay 25 percent of this figure as recommended by the Amitabh Kant committee on legacy stalled housing projects.
A spokesperson for AMG stated, "We support the government's initiative and are prepared to pay 25 percent of the actual amount, approximately Rs 600 crore and Rs 450 crore, based on the Kant panel's recommendations. The matter of the dues is currently under court review, and we will comply with the court's decision."
Pending registries and delayed possession of flats have long been critical issues in Noida and Greater Noida. Efforts to resolve these issues have been supported by both the Uttar Pradesh government and a central panel led by Amitabh Kant, which has made recommendations to alleviate the distress affecting homebuyers, builders, and local authorities.
The Noida Authority's recent actions reflect a broader commitment to ensuring the timely resolution of these long-standing problems and providing relief to thousands of homebuyers.
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