Greno Authority cancels allotment of two plots of Parshwanath Developers, 281 crores outstanding, work not completed

Greater Noida:The Greater Noida Authority has canceled the allotment of two plots located in Sector Pi of Parsvnath Developers. The authority has taken this action for non-deposit of the outstanding amount of about Rs 281 crore on both the plots and non-completion of both the projects. The Authority will take possession of these two plots and allot them through a new scheme. On the instructions of Ritu Maheshwari, CEO, Greater Noida Authority, the authority has started taking strict action against the allottees who have not paid the dues for a long time and have not completed the project. The Authority on Wednesday canceled the land allotment of two projects of Parshwanath Developers.

Parshwanath Developers was allotted 25 acres of land in Plot No. 11, Sector Pi in the year 2006 by the builders department of the authority. According to the lease plan, in the year 2007, the lease deed of 1,00,095 square meter plot was also done. The developer has paid Rs 7.14 crore till the year 2007 out of the total premium of Rs 33.54 crore. The remaining amount was to be paid in 13 installments by the year 2013. This project was also supposed to be completed in the year 2013 itself, but the developer neither completed the project nor deposited the dues of the Authority. The developer was also given mortgage permission in the year 2016, citing due payment and completion of the project, but the developer neither completed the project nor submitted the dues to the authority.

Work not completed in 15 years
In the years 2011, 2012, 2013, 2019 and 2020, several defaulter notices and allotment cancellation notices were also issued by the authority. The maximum time period of 15 years for the completion of the project has also been left behind. During this period, apart from the premium amount, the amount owed to the developer in the form of additional compensation and late fee etc. also increased to about Rs 211 crore. In view of this, the Greater Noida Authority has canceled the allotment of Parsvnath Developer’s plot number 11, Sector Pi. Bank guarantee of about Rs 1.56 crore has also been seized.

allotment canceled
The authority has said that if any liability is created on the authority of the builder, it will return it. Similarly, the allotment of another plot number 5, Sector Pi, allotted to Parshwanath Developer has also been canceled by the Authority. The allotment of this plot was done in the year 2007. Out of the total premium of around Rs 11 crore, Rs 2.52 crore was paid by the builder. The remaining payment was to be made in 13 installments by the year 2013, but was not done. This project was also to be completed in the year 2012.

Authority will take possession of the plot
The developer has neither completed the project nor deposited the dues of the authority. Meanwhile, defaulter notices were issued in the years 2011, 2012, 2013, 2018 and 2019 and cancellation notices in the years 2014 and 2019. Apart from the total premium on this plot, an amount of Rs 70.41 crore has been owed to the developer in the form of additional compensation, annual lease rent, time extension charges etc. The period of 15 years for the completion of this project has also passed. Due to this, the authority has canceled the allotment of plot number five, Sector Pi, allotted to Parshwanath Developer. The authority will soon take possession of this plot as well. Authority CEO Ritu Maheshwari says that any allottee who does not pay dues to the authority and does not complete the project will not be spared. Their allotments will be cancelled.
Report – Manish Singh

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