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Noida Authority launches public drive to recover crores from defaulting developers

Noida Authority
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In a bid to recover hundreds of crores in pending land dues, the Noida Authority has launched a public naming campaign against defaulting group housing developers who have failed to clear their arrears or take advantage of the government’s rehabilitation scheme for stalled projects.

The drive began with prominent projects such as Lotus Panache in Sector 110 and Supertech Eco City in Sector 137, where the Authority has put up boards displaying details of unpaid dues. The move, officials said, aims to increase transparency and alert homebuyers about the financial status of such developments, several of which remain under insolvency proceedings at the NCLT.

Outside Lotus Panache, a board now displays details of the pending dues. The project was launched in 2010 by Granite Gate Properties Ltd, but has been under insolvency proceedings at the National Company Law Tribunal (NCLT) since 2019. The developer reportedly owes the Authority around Rs 1,200 crore.

The group’s projects were to be delivered by 2014, but it had missed several deadlines, prompting hundreds of homebuyers to move the NCLT over unpaid dues and incomplete work. More than a decade later, residents continue to struggle with pending registry issues and incomplete amenities.

Officials said the hoardings will soon come up outside other group housing projects, including others that are currently under NCLT proceedings. The list of such projects and photographs of the displayed boards will also be uploaded on the Authority’s website.

Noida Authority CEO Dr Lokesh M said, “This is not a punitive action. It is an information campaign to make the public aware of the financial status of these projects. There is nothing wrong with informing citizens about outstanding dues.”

According to the Authority, 10 developers have failed to make any payments despite consenting to clear dues, 13 have made only partial payments, while 35 others have deposited less than 25 per cent of the amount owed.

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