The Greater Noida authority on Friday said that it has canceled the allotment of a 100-acre plot to construction firm Unitech Group in Greater Noida’s Sector MU, according to a published media report.
Authority officials said they had to cancel the allotment as the realty firm failed to pay Rs 1,023 crore land cost dues.
“We have decided to cancel the allotment as Unitech has failed to pay up even after repeated reminders. The authority had allotted this land to the group in 2006. The builder was yet to construct any building on this land,” said a senior officer of the authority.
According to the report the GNIDA allots residential, industrial, institutional and mixed land on a leasehold basis. It means that the leaseholder becomes the landowner for 99 years, but the control of land remains with the authority.
The authority has a right to cancel the allotment if the leaseholder violates any norm. “As per our policy, the authority had in 2006 allotted land to Unitech after the firm paid 10 percent of the total land cost. It was supposed to pay the remaining 90 percent of the cost in monthly installments.
Unitech Group had not paid monthly installments for the past more than six months,” said another Greater Noida authority official.
Unitech Group, however, said that they are not aware of any such decision by the authority.
Godrej Properties acquires 18-acre land parcel in Kandivali, Mumbai
Mumbai, December 2, 2022: Godrej Properties Ltd., one of India’s leading real estate developers, on Friday announced that it has,...
ICCPL wins PR company of the year award
New Delhi, November 30, 2022: NCR based PR firm, Integrated Centre for Consultancy Pvt. Ltd (ICCPL) has won REAL ESTATE...
75F launches Network Operations Centre
Bengaluru, December 1, 2022: Building management solutions provider, 75F, has launched its Network Operations Centre (NOC) — an initiative by...
BPTP Group organises Winter Carnival to showcase its Gurugram, Faridabad projects
Delhi NCR: BPTP Group showcased some of its developed residential projects, Astaire Gardens and District 1, located in Gurugram and...
Seek changes in the Act: HARERA Chairman
Gurugram, November 29, 2022: A day-long NAREDCO Haryana Real Estate Summit 2022 & Buyer-Seller Interface held on Tuesday at Gurgram...
Frame Model Code for Construction Activities: HSPCB Chairman
Gurugram, November 29, 2022: Chairman Haryana State Pollution Control Board (HSPCB), P Raghavendra Rao on Tuesday urged the National Real...