Monday, December 7, 2015

Great Noida Authority Cancels 100 Acre Plot of Unitech With Rs. 1055 Crore Due

There has been lot of payment and collection problems regarding the land allotted by the Greater Noida Industrial Development Authority. According to a GNIDA official the 100 acre land allotted to Unitech in 2006 still awaits payment. The developer has alleged to pay the installments despite the reminders given by GNIDA several times. The official sources reveal that the builder was sent several notices, warnings of cancelling the selling contract and yet the developer has failed to pay the installments. 

The land was allotted to Unitech to build a group housing society and now the GNIDA cancelled the land owing to the allegation made by the GNIDA that the developer owes more than Rs. 1000 crore and had failed to pay the installment in spite of the time given, over a decade. 

Along with the step taken for Unitech the Greater Noida Industrial Development Authority has decided to take action and be stricter with the other developers in the area owing money to it which is in the range of Rs. 4, 000 crore. The authorities feel that this is an amount that has affected the infrastructure development and has also led to a stoppage of the various public utility projects too. 

The CEO of GNIDA said that the land allotted to Unitech had happened in 2006 in the sector II of MU. In spite of the several reminders sent to the developer and even warnings of impending cancellation no installments have been paid. The official sources further remarked that in spite of these the developer has not paid any heed at all. Subsequent to this two notices of cancellation were issued and consequently a final cancellation notice was issued on the 18th November 2015 as reported by the official sources of GNIDA. The sources further said that the company owes over Rs. 1055 crores. GNIDA proposed to take possession of the plot in consequence of the cancellation order said one of the officials. The representatives of the developer Unitech reiterated that they did not receive any such intimation from GNIDA and so they can’t comment on this.  

The sources revealed that there are more than ten companies who have defaulted paying the instalments after the land had been allotted. The sources from GNIDA said that if the allottees who have defaulted in paying the installments decide to pay, they will be presented with a new schedule of payment plan. The GNIDA will subsequently work out the new payment plan, the new time frame and the number of installments they will be given to pay the balance amount. One of the senior officials of GNIDA said this, adding that if the developers still do not pay, more stringent actions will be taken like issuing lease deed cancellation notices. 

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