The difficulty traces its roots again to 2010, when the Noida authority leased a plot of 20,900 sq. meters of land to Skytech for the event of a housing challenge; Skytech, having constructed and bought apartments on this land, didn’t adhere to the cost schedule for the land value.
In an effort to recuperate the numerous quantity of unpaid dues, which has now reached ₹24 crore, the Noida authority took decisive motion on Thursday, sealing 27 apartments in the Skytech Matrott housing society; this transfer got here after repeated makes an attempt by the authority to safe the excellent funds by quite a few reminders and notices, all of which did not immediate any response from Skytech Construction, the developer accountable for the funds.
The difficulty traces its roots again to 2010, when the Noida authority leased a plot of 20,900 sq. meters of land to Skytech for the event of a housing challenge; Skytech, having constructed and bought apartments on this land, didn’t adhere to the cost schedule for the land value, which was to be paid in installments, thus ensuing in the continued dispute over the unpaid dues. Over the years, the Noida authority despatched a number of notices and warnings to the developer, urging them to clear the dues and keep away from any authorized repercussions, however, regardless of these repeated efforts, the developer continued to neglect its monetary tasks.
According to Lokesh M, the CEO of the Noida authority, the choice to seal the 27 apartments in Sector 76, a transfer taken after a number of failed makes an attempt at resolving the matter, was not made frivolously; he confirmed that the unsold apartments have been sealed and brought into possession as a result of failure of the realtor to clear the ₹24 crore debt, which was owed regardless of a number of reminders despatched by the authority. In his assertion, Lokesh M emphasised that the motion was in strict compliance with the Uttar Pradesh authorities’s directives, which have outlined particular measures to deal with such defaults by builders.
The authority’s actions, which included the sealing of the apartments, additionally contain plans to public sale off these flats in order to recuperate the unpaid dues; this resolution was prompted by the Uttar Pradesh authorities’s directive issued in December 2023, which granted Noida authorities the facility to waive curiosity on overdue land prices for defaulting builders; nevertheless, if builders fail to make the most of this waiver, as Skytech did, the federal government has approved the cancellation of land allotments, the seizure of properties, and the following sale of those belongings as a way to recuperate the excellent funds.
As Lokesh M additional famous, the Noida authority stays absolutely dedicated to adhering to the federal government’s pointers and can proceed to take stringent motion in opposition to builders who fail to satisfy their obligations; makes an attempt made by experiences to succeed in out to representatives from Skytech Construction for remark have been unsuccessful, as no response was supplied, leaving the developer’s aspect of the story unheard.
