Allotment of commercial properties put on hold in Noida
Oct 17, 2013
Source : The Times of India


DELHI: The Noida Authority has temporarily suspended allotment of 30 commercial properties, including two plots meant for malls in Sectors 2 and 61, for defaulting on payments amounting to about Rs 200 crore. Officials said sub-lease, mortgage and construction permission to the defaulters will also be banned. The Authority has warned of cancelling allotments of 20 more commercial properties.

Officials said 28 commercial properties are located in upscale areas like Sectors 37, 29, and 22.

The Authority OSD said the 30 allottees had stopped responding to recovery notices. “Now each allottee will have to pay the defaulted amount along with restoration charges. If they fail to pay within three months, the allotment will be cancelled permanently.”

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