June 24, 2024: The Noida Authority has issued notices to 13 real estate developers, including ATS, Supertech and Logix, demanding proposals for the settlement of their dues within 15 days. These notices, issued on June 20, 2024, align with a directive from the Uttar Pradesh government addressing stalled real estate projects. This directive offers waivers on interest and penalties to developers as part of a campaign to alleviate homebuyers’ distress.
According to official documents, these 13 developers owe over Rs 8,510.69 crore in interest and penalties to the Noida Authority, which operates under the UP government. Notably, ATS, Supertech and Logix Group collectively owe the largest share, totaling Rs 7,786.06 crore (or 91.48%). The breakdown of dues is as follows:
- ATS Homes: Rs 640.46 crore
- ATS Infratech: Rs 697.76 crore
- ATS Heights: Rs 2,129.88 crore
- Supertech Realtors: Rs 2,245.81 crore
- Supertech Ltd: Rs 815.73 crore and Rs 143.18 crore (in two separate cases)
- Logix Infrastructure: Rs 446.44 crore
- Logix City Developers: Rs 666.80 crore
Other developers include Three C (Rs 572.51 crore), Celerity Infrastructure (Rs 178.65 crore), Elicit Realtech (Rs 73.28 crore), Explicit Estates (Rs 51.17 crore) and Abet Buildcon (Rs 27.67 crore).
The notices refer to a December 21, 2023, order from the UP government concerning legacy stalled real estate projects. Clause 7.1 of this order allows certain group housing projects, including those under NCLT or court jurisdiction, to benefit from the policy if they withdraw or settle their cases. The developers have been asked to submit their settlement proposals within 15 days to avail the benefits of this policy. Clearing these dues would facilitate the registration of flats in the names of homebuyers, granting them ownership rights to their properties.
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