Noida Industrial Development Authority on Saturday cancelled the land allotment of a realtor for development of a group housing project in Sector 107, officials said.
The action, on the direction of Noida Authority Chief Executive Officer (CEO) Ritu Maheshwari, follows the failure of the allottee to pay his dues amounting around Rs 112.44 crores and to complete the project in the given period.
According to the officials, the realtor-MS Baseline Infra Developer Pvt Ltd failed to clear his dues for the past several years despite being served repeated notices. One of the officials said, ''As the company violated the rules under building construction clause, the higher authority cancelled the allotment on September 7.''
In 2011, the authority allotted a plot measuring 40,000 square meters to MS Baseline Infra Developer Pvt Ltd. Following which, the realtor entered into a lease agreement with the authority. As per the lease, he had agreed to finish the development of the project within a stipulated period of seven years and it would obtain a completion certificate too from the authority. But the project was not completed, which resulted in the cancellation of the plot.TAGS: Housing project / homebuyers / Noida Development Authority / lease cancelled / Developer fined /