The Yamuna Expressway Authority has cancelled the plots allotted to two builders as they have failed to develop any project on the land even after seven years of allotment for developing residential society.
Confirming the report a senior official stated that decision for plot cancellation have been taken after builders failed to meet the purpose of land despite repeated reminders. The official also claimed that builders also own crores of rupees of dues to the authority.
He further confirmed that plot allotment were cancelled of two builders’ groups – Lotus Buildmart and Swikriti Infracon.
As per the official information, two builders were alloted plots in 2011. But they failed to develop any projects. They not even applied for map approval even after several reminder notices which were issued to them. “Actions were taken as they failed to start projects and failed to give replies on notices,” official said.
As per the information, Lotus Buildmart builder group was allotted over 10,000 square meters of land for developing a residential project. As sources claimed, builder had made initial payments against the land but owes nearly Rs 7 crores as due amount. Similarly, the Swikriti Infracon group was allotted 25,000 square meters of land in sector 22D against which the builder failed to clear dues of Rs 16 crore to the authority.
The official further stated that Yamuna Expressway Authority is facing financial crisis as the builders who are developing group housing projects have failed to pay more than Rs 3,500 crore of land dues to them. The authority has been issuing cancellation notices to these builders who have failed to start their projects and pay its dues.
“This also affects home buyers, who have spent their life time savings to buy flats in group housing projects and are waiting for possession. Under the policy, the authority allots land to builders and the payment is to be made on instalment basis. The builder has to deposit 10 per cent of the total land cost at the time of allotment and the remaining amount has to be paid in instalments,” official added.TAGS: Yamuna Expressway Authority / Land dues / Lotus Buildmart / Swikriti Infracon / Noida news