The Noida Authority has taken action against the real estate group Aims Max Gardenia (AMG) due to outstanding dues totaling Rs 2,409.77 crore for two land allotments in the city. However, AMG disputes this amount, claiming it to be around Rs 1,050 crore. They are willing to pay 25% of the contested amount, as suggested by the Amitabh Kant committee on legacy stalled housing projects, to facilitate the registration of flats in their projects.
The Noida Authority reports that Aims Max Gardenia, allotted the Eco City group housing plot in Sector 75, has pending dues of Rs 1,717.29 crore. Similarly, Gardenia Aims Developers, allotted a group housing plot in Sector 46, owes Rs 692.48 crore. The status of pending dues is updated until December 31, 2023. Both companies are part of the AMG group. The Noida Authority, operating under the Uttar Pradesh government, issued an order to attach properties on June 4, 2024.
As part of the attachment, the lease of a 60,000 square metre commercial plot, out of the allotted 600,000 square metre to AIMS Max Gardenia Developers in GH-Eco City, Sector-75, has been cancelled. The commercial property developed on this plot will be sold through auction to recover the owed money.
To recover dues against the group housing plot number GH-1, Sector-46, Noida allotted to Gardenia AIMS Developers Pvt Ltd, with outstanding dues of Rs 692.48 crore, 122 flats of the project have been sealed and will now be auctioned. Registry proceedings will be expedited in favour of all 3,379 flat buyers affected by these projects, in accordance with the rules.
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