Noida Authority issues recovery certificate to Hacienda's over Rs. 65 crore dues

Photo: CitySpidey
Posted: Sep 06, 2019

Noida Industrial Development Authority on Thursday issued a recovery certificate (RC) to Hacienda Projects Pvt Limited for non payment of land dues amounting Rs 66.65 crore.

The action was taken following instructions from Ritu Maheshwari, CEO of Noida Authority, during a review of major defaulters in group housing project.

“During the review, it was found that Hacienda Projects has overall Rs 66.65 crore in pending dues against the property in Sector 107. It was issued notice over non payment of dues on July 31 but did not clear," the Noida Authority said in a statement.

Maheshwari said, “We have taken the decision to issue recovery notice as per law because the builder has not replied to several notices served to him in the past. Following procedures of the law, further action will be initiated against him.”

“A recovery certificate (RC) has been issued against the firm for not taking the notice seriously and for violation of the rules under Section 40 of the UP Urban Planning Act, 1973 and Section 12 of the UP Industrial Area Development Act, 1976,” the authority said.

Officials from the authority said that in December 2018, three directors of the real estate firm were arrested for allegedly diverting Rs 191 crore invested by home buyers into other projects and not delivering houses to the homebuyers.

They were arrested by the Delhi Police's Economic Offences Wing (EOW) after a case was registered against them for not delivering flats in a housing project named Lotus 300 in Noida's Sector 107, police had said.

TAGS: Noida Industrial Development Authority / Ritu Maheshwari / CEO of Noida Authority / Hacienda Projects / Rs 66.65 crore / recovery certificate