Hassle could also be in retailer for 2 distinguished builders with the Yamuna Expressway Industrial Improvement Authority (YEIDA) planning to cancel the allotment of their plots as they haven’t submitted their land dues regardless of getting reduction below the Amitabh Kant bundle.
Officers mentioned that ATS Realty Personal Restricted and Supertech Township Venture Restricted haven’t paid their dues regardless of a number of possibilities.
Each builders have their initiatives in Sector 22D of YEIDA space. Officers mentioned a report on this regard will likely be positioned earlier than the YEIDA board on June 22 to take a closing resolution. If the board approves the proposal, this would be the first motion by the Authority towards any builder below the Kant bundle.
“Yamuna Authority gave each builders many possibilities to submit the dues, in order that the registration of flats can start as supposed below the Kant bundle. Nonetheless, ATS and Supertech township didn’t reply to our letter. So, we’ll now place this matter earlier than the board, searching for motion towards the builders, which can contain cancellation of their plots,” mentioned Dr Arun Vir Singh, CEO, Yamuna Authority.
When contacted, Supertech Chairman R Okay Arora mentioned the plots can’t be cancelled because the Allahabad Excessive Courtroom has already issued a “no-coercive order” for the reason that land is in dispute. “This motion of YEIDA will likely be unlawful in the event that they do that,” he informed The Indian Express.
A spokesperson of the ATS group couldn’t be contacted for remark.
There are round 2,400 items within the ATS venture and three,200 items in Supertech venture. Singh mentioned that if the proposal is accepted by the board, the land parcel, excluding the residential parts, will likely be cancelled to get well the land dues of the authority.
The information out there with the authority exhibits that ATS Realty owed Rs 668.14 crore to YEIDA as land dues for an space of 4.09 lakh sq. metres (round 101 acres land), which was allotted to the corporate in June 2013.
Nonetheless, after making use of the Kant reduction bundle components, a complete of Rs 136.77 crore reduction was granted to the builder, bringing down the web dues on ATS to Rs 531.37 crore. Speaking this to the developer, Yamuna Authority, by its letter dated February 29, 2024, requested it to pay Rs 132.84 crore, which is 25% of the excellent dues, to begin the registration course of.
Equally, the full land dues on Supertech for its 22D venture was Rs 677.79 crore for an space of 4.07 lakh sq. metres (round 100 acres), which was allotted in August 2011.
Nonetheless, after deducting Rs 128.68 crore reduction granted as per Kant bundle, the web dues on the corporate is now Rs 549.11 crore. On February 29, the authority wrote to Supertech to pay Rs 137.28 crore as 25% of internet dues to begin the registry. Nonetheless, the corporate didn’t deposit the cash regardless of the 60-day interval for cost expiring on April 28.
The Kant bundle gives a number of waivers to builders, together with a two-year zero-period reduction, bearing in mind the Covid interval, which interprets to round 20% waiver of whole excellent land dues.
Beneath the zero-period waiver clause, curiosity and penal curiosity is not going to be levied on the builder for 2 years, and the installments will likely be shifted past it. Nonetheless, there’s a provision that registration of flats might start after the builder pays 25% of the excellent quantity (land dues) inside 60 days.