Noida Authority issues notice to 13 builders for dues worth over rs 8510 69 crore 

The Noida Authority has served notices on real estate developers, including ATS, Supertech, Logix, seeking their proposal within 15 days for resettlements of their dues worth hundreds of crores, officials said no Friday. He notices, issued on Thursday, are in line with an order of the Uttar Pradesh government concerning legacy stalled real estate projects that offered waivers on interest and penalties to developers as part of a campaign to address homebuyers' distress. According to the Noida Authority, ATS, Supertech and Logix group companies together owed the highest share of Rs 7,786.06 crore (or 91.48 per cent ). Others on the list were Three C with Rs 572.51 crore in dues, followed by Celerity Infrastructure Rs 178.65 crore, Elicit Realtech (Rs 73.28 crore) and Explicit Estates (Rs 51.17 crore), Abet Buildcon (Rs 27.67 crore), as per the official notices. Authority said the UP government had issued an order on December 21, 2023, concerning legacy stalled real estate projects (following recommendations of waivers in interest and penalties by the Amitabh Kant Committee on stressed housing projects). At the Centre-level, too, a panel headed by Amitabh Kant had made recommendations to end the distress involving homebuyers, builders and the local authorities. Pending registries and delayed possession of flats have been a pressing issue in Noida and Greater Noida for a long time, with the UP government also pushing for resolution of homebuyers' woes.

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