Tower at PAN Oasis society in Noida sealed over 430 crore dues

The Noida authority on Tuesday said it has sealed a tower in the group housing project of PAN Oasis society in Sector 70, allegedly after the consortium of three builders — Patel Group, Amrapali Group and Nirala Group — which is building the project, failed to pay 430 crore dues.

This is the latest in a series of action taken by the authority since May against all those developers who have defaulted on paying land cost dues even after repeated notices.

“We have sealed Tower T (No, 19), which is under construction. It has three unfinished floors and a basement that has been sealed. The consortium has failed to pay 430 crore dues even after multiple notices being issued against it in the past. Our action against such realtors will continue until they pay their dues,” said Prasun Dwivedi, officer on special duty, Noida authority.

The consortium is building the PAN Oasis group housing project, comprising 18 towers with 2,000 flats. In 2009, the developers promised delivery by 2012, but even a decade later, the project is yet to be completed. Most of the units, except the under construction ones, are occupied in this project, but registries are yet to be executed.

According to rules, the authority will not allow registry of flats in the name of homebuyers to take place until the realtor pays all land cost dues. Since the PAN Oasis consortium has not paid the dues, the buyers are made to suffer as they cannot get their homes registered in their names, said officials.

“The developers have not completed and delivered many services in the society and are yet to pay their dues. As a result, buyers are made to suffer despite the fact that most of them have paid the total flat cost. We fail to understand when our registries will take place. The government must step in to deliver us justice. The society has poor maintenance and our complaints fall on the deaf ears,” said Dr Abha Singh, a resident of PAN Oasis.PAN Oasis estate manager refused comment on the issue when contacted.

The Noida authority since the past one month has sealed several housing towers after builders defaulted on payments. It sealed a tower in Lotus Boulevard in Sector 100 and a tower at a Sector 168 housing project, among others.

“The Noida authority and the Uttar Pradesh government must come up with a scheme that can address the issues related to financial dues so that these issues can be resolved and buyers can get justice,” said Nikhil Hawelia, joint secretary, Confederation of Real Estate Developers Association of India, a builders’ lobbying group.