June 20, 2024: Due to repeated defaults on land cost payments by builders ATS Realty and Supertech Township Project, the Yamuna Expressway Industrial Development Authority (Yeida) plans to partially cancel their land allotments. In 2013, Yeida allocated 100-acre parcels in Sector 22D to these firms for their respective developments. ATS has completed and delivered the Allure township project, comprising 1,800 residential units, but still owes Rs 668 crore. Similarly, Supertech owes Rs 677 crore to Yeida.
The partial cancellation decision arose after both companies failed to make payments despite opting for interest rate rebates under the state government’s amnesty policy for stalled projects. This policy allows a realtor to pay 25% of the total dues upfront with waived interest for two COVID-19 years and settle the remaining 75% over one to three years.
Yeida issued notices to ATS and Supertech, urging them to use the rebates and settle their dues to retain the allotments. However, both firms failed to comply. Consequently, Yeida will propose the partial cancellation of their allotments at the board meeting on June 22, leaving the final decision to the board.
Under the state policy for stalled legacy housing projects, ATS Realty received relief of Rs 136.77 crore and a waiver of Rs 531.37 crore, requiring a 25% payment by April 28, which remains unpaid. Supertech, offered Rs 128.68 crore in interest waivers, needed to clear Rs 549.11 crore but also failed to do so.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
Email: dhwani.meharchandani@housing.com
Related Posts
Home buyers stranded over completion certificate to Supertech’s Greater Noida project.
SC refuses nod to Jaypee Group, to hive-off Yamuna Expressway.
Jewar Airport project may be scrapped, if farmers do not hand over land: Official.
Yeida to spend Rs 52 cr to develop 24 smart villages.
Yeida announces Group Housing Plot Scheme for Greater Noida.
Yeida allocates Rs 75 cr to develop 27 parks along Yamuna Expressway.
