The Noida authority has taken strong action against three realtors who have defaulted on their payment against group housing land, officials said. On Thursday, the authority sealed unsold flats, sales offices, and other properties belonging to these realtors.
According to officials, one of the affected projects is Gardenia AIMS Developers Private Limited’s housing project in sector 46, where 110 unsold flats in tower D-2 have been sealed. The developer failed to clear ₹603.15 crore land cost dues, and the project’s occupancy certificate was cancelled by the authority, which had originally allotted the project in August 2009, officials associated with the matter said.
Officials added that in another housing project of Gardenia AIMS Developers Private Limited, Gardenia Gateway in sector 75 had one unsold flat sealed, as the realtor failed to clear ₹103.38 crore financial dues. The developer built nine towers but did not obtain the occupancy certificate. Officials said that the realtor had offered possession to buyers without obtaining the certificate, which constitutes cheating.
In addition, two unsold flats, two stores, and a marketing office belonging to Logix Group’s Blossom County in sector 137 were sealed. Officials said that this project consists of 17 towers, and the developer has defaulted on payment of ₹379.65 crore financial dues.
According to Prasun Kumar Diwvedi, an officer on special duty of the Noida authority, these actions were taken after the realtors showed no interest in paying their dues. “The authority wants realtors to make their payments, obtain a no-dues certificate, and make their housing projects eligible for flat registries. Without the payment of financial dues by the realtors, buyers cannot execute the registry. We are making every effort to ensure that buyers can complete their registry,” he said.
The authority said that it intends to seal the properties of all realtors who default on the payment of their dues.
Amit Kumar, executive director of Gardenia AIMS Developers Private Limited, said, if the Noida authority were to reduce the rate of interest, the project could become viable, and realtors could make the necessary payments”. He also added that the authority must come up with a scheme to address financial dues issues.
HT reached out to the Logix Group officials, but they were not available for comment.
