The Noida Authority has decided to take back possession of two land parcels allotted in 2010 to Logix Group for which, officials say, it hasn’t been able recover dues of Rs 1,384 crore.
According to a published report, the plots – in Sectors 105 (seven acres) and 124 (nine acres) – had been transferred to Logix subsidiaries in June 2010 and December 2010. The Group was to develop a retail unit – mall and multiplex – and office space in Sector 105 and had similar plans for Sector 124 with a limited number of residential suites.
Officials quoted in the report said the Group failed to pay up its instalments along with compound interest to the Noida Authority.
For the Sector 124 plot, the Noida Authority claims its dues amount to Rs 796 crore while for the Sector 105 plot, it is yet to receive Rs 588 crore.
Kumar Sanjay, OSD at Noida Authority, who heads the commercial division, said Logix Group subsidiaries were given a lot of time to come to the table and pay up the dues. “But we decided to cancel the allotment as we got no concrete response from them,” he said.
