The Greater Noida Authority has canceled the allotment of two plots located in Sector Pi to Parsvnath Developers. The authority has taken this action for not depositing the outstanding amount of about Rs 281 crore on both the plots and not completing both the projects. On the instructions of Chief Executive Officer (CEO) of Greater Noida Authority, Ritu Maheshwari, the authority has started strict action against the allottees who have not paid the dues for a long time and have not completed the project. The authority on Wednesday canceled the land allotment of two projects of Parshwanath Developers.
Parsvnath Developers was allotted 25 acres of land in Plot No. 11, Sector Pi in 2006 by the builders department of the authority. According to the lease plan, in 2007, the lease deed of 1,00,095 square meter plot was also done. The developer has paid Rs 7.14 crore till 2007 out of the total premium of Rs 33.54 crore. The remaining amount was to be paid in 13 installments by 2013.
Bank guarantee also seized
This project was also supposed to be completed in 2013 itself, but the developer neither completed the project nor deposited the dues with the authority. The developer was also given mortgage permission in 2016, citing payment of dues and completion of the project, but the developer neither completed the project nor submitted the dues to the authority. In 2011, 2012, 2013, 2019, 2020, notices for cancellation of defaulters and allotments were also issued several times by the authority.
Greater Noida Authority has canceled the allotment of Parsvnath Developer’s plot
The maximum time period of 15 years for the completion of the project has also been left behind. During this period, apart from the premium amount, the amount owed to the developer in the form of additional compensation and late fee also increased to about Rs 211 crore. In view of this, the Greater Noida Authority has canceled the allotment of Parsvnath Developer’s plot number 11, Sector Pi. Bank guarantee of about Rs 1.56 crore has also been seized. The authority has said that if any liability arises on the authority of the builder, it will return it.
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