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Noida Authority seals properties of defaulter Realtors?

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Noida Authority seals properties of defaulter Realtors?

  • 12 May 2023

These procedures were taken, according to Prasun Kumar Diwvedi, an official on special duty for the Noida authorities, after the realtors shown little interest in settling their debts. According to authorities, the Noida administration has taken severe action against three realtors who have fallen behind on payments for group housing property. The authorities shut the realtors' vacant apartments, sales offices, and other assets on Thursday.

The housing project in sector 46 by Gardenia AIMS Developers Private Limited, whose 110 unsold units in tower D-2 have been shut, is one of the impacted projects, according to authorities. The project's occupancy permit was revoked by the authorities, which had first allocated the project in August 2009, after the developer failed to pay outstanding land cost debts of 603,15 crore, according to officials involved in the incident.

Officials also stated that one unsold apartment in Gardenia Gateway in sector 75 of Gardenia AIMS Developers Private Limited was sealed due to the realtor's failure to pay 103.38 crore in outstanding debts. Nine buildings were completed by the developer, but the occupancy certificate was not obtained. According to officials, the realtor promised ownership to purchasers without acquiring the certificate, which is unlawful.

Additionally, Blossom County of the Logix Group in sector 137 had two unsold apartments, two businesses, and a marketing office that were shut. According to officials, this project would have 17 storeys, and the developer has fallen behind on payment of $379.65 crore in debt.

These procedures were taken, according to Prasun Kumar Diwvedi, an official on special duty for the Noida authorities, after the realtors shown little interest in settling their debts. "The authorities wants real estate agents to pay their dues, get a certificate of no dues, and make their housing projects qualify for flat registers. Buyers are unable to complete the register without the realtors paying their financial obligations. We are doing all in our power to make sure that purchasers may finish their register," he added.

All realtors who fail to pay their dues will have their homes sealed, according to the government.

If the Noida authorities were to lower the rate of interest, the project may become viable and realtors could make the necessary payments, said to Amit Kumar, executive director of Gardenia AIMS Developers Private Limited. He also said that the authority needed to develop a plan to deal with the problem of unpaid financial obligations.

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