Greater Noida authority cancels allotment of two plots of Parsvnath Developers

NOIDA: The Greater Noida Authority has cancelled the allotment of two plots in Sector Pi to a real estate developer for its failure to clear dues of over Rs 281 crore. The Authority will soon take possession of the plots and allot them through a new scheme, officials said.

Parsvnath Developers was allotted the two plots, measuring 25 acres and 8.5 acres in 2006 and 2007, respectively, for developing real estate projects by 2013 and 2012.

But the developer neither completed the projects nor deposited the dues with the Authority, officials said. “The allottee who does not pay dues to the Authority and does not complete a project will face action,” said GNIDA CEO Ritu Maheshwari.

According to officials, the lease deed for the bigger plot was executed in 2007. The developer paid Rs 7.14 crore till 2007 out of the total premium of Rs 33.54 crore. The remaining amount was to be paid in 13 installments by 2013. The developer was also given mortgage permission in 2016, but it did not clear the dues.

“The Authority between 2011 and 2020 issued defaulter notices and allotment cancellation notices to the builder,” said another official. “The maximum time period of 15 years for the completion of the projects has also lapsed. During this period, apart from the premium amount, the outstanding amount due to the developer on account of additional compensation and late fees also increased to about Rs 211 crore,” he said.

Similarly, the second project on 8.5 acres of land was supposed to be completed by 2012. Out of the total premium of around Rs 11 crore, Rs 2.52 crore was paid by the builder. The remaining payment was to be made in 13 installments by 2013, but that was not done.

Meanwhile, defaulter notices were issued in 2011, 2012, 2013, 2018 and 2019 and cancellation notices in 2014 and 2019. The builder owes Rs 70.41 crore to the Authority in the form of additional compensation, annual lease rent, time extension charges etc, officials said.

GNIDA’s OSD Saumya Srivastava said, “The builder has not taken OCs of any tower or flat in the past 15 years. The information related to homebuyers has also not been shared with us. Though no buyer has ever come to the Authority regarding these two projects.”

The developer could not be contacted.