GNIDA cancels allotment of 100 acre plot to Unitech over Rs 1,000 crore dues
A GNIDA official said the land allotment to Unitech was made in 2006 in Mu 2 sector."The developer has failed to pay the instalments despite several reminders," said Deepak Agarwal, CEO, GNIDA. "We had sent the builder several notices warning of impending cancellation but the developer has not paid
Nov 21, 2015
Source : ET

 

GREATER NOIDA: The allotment of a 100-acre plot to real estate company Unitech BSE 0.28 % to build a group housing society has been cancelled by the Greater Noida Industrial Development Authority (GNIDA), which alleges the company owes it over Rs 1,000 crore and had failed to pay up for almost a decade. 

GNIDA has also decided to toughen its stance against other defaulting allottees, with developers in the region owing it Rs 4,000 crore, an outstanding amount that, the Authority feels, has affected infrastructure development and led to a lull in public utility projects.

 A GNIDA official said the land allotment to Unitech was made in 2006 in Mu 2 sector."The developer has failed to pay the instalments despite several reminders," said Deepak Agarwal, CEO, GNIDA. "We had sent the builder several notices warning of impending cancellation but the developer has not paid heed to our warnings. Two notices for cancellation were issued and a final cancellation notice was served to the company on November 18, 2015," he said. 

According to the GNIDA, the company owes it Rs 1,055 crore. "We will soon take possession of the plot in cognisance of our cancellation order," said an Authority official. Unitech's representatives said they had not received any such intimation from the GNIDA and were not in a position to comment. 

There are more than a dozen big companies that have defaulted on paying instalments for land allotment. "If defaulting allottees decide to pay up, they will be presented with a rescheduled payment plan. We will also work out the time frame and the number of instalments that the balance amount has to be paid within," a senior GNIDA official said. If allottees still do not pay up, officials said stricter action would be taken. "We will issue lease deed cancellation notices," the official added. 
 

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