Noida authority seals three unsold shops in Prateek Laurel society
21 Oct 2024
2 Min Read
CW Team
The Noida Authority sealed three unsold shops in the Prateek Laurel society in Sector 120. The action was taken after the developer, Prateek Realtors India Pvt Ltd, failed to comply with a govt order on legacy stalled real estate projects. As of Dec 31, 2023, the developer owed the Authority a total of Rs 504 million. Despite repeated notices, Prateek Realtors deposited only Rs 10.5 million out of the required Rs 126.2 million, which is 25% of the total dues.
The group housing plot (GH-1) in Sector 120 was allotted to the developer on Dec 10, 2009, with the lease executed on Jan 7, 2010. The project, which includes 1,530 flats, still has 290 unregistered flats.
Apart from Prateek Realtors, developers of 16 other projects who agreed to the state's rehabilitation policy have also fallen short on payments 鈥� depositing just Rs 570 million against total dues of Rs 7.40 billion. Collectively, 6,152 flats in these projects remain unregistered.
Earlier this month, the Authority initiated proceedings against seven builders who have not consented to the state govt's rehabilitation package for stalled projects. Final notices were issued to these developers, directing them to provide details of unsold flats, unsold shops, and unutilised portions of their project land.
Developers who fail to submit the required information will have their cases referred to the Economic Offences Wing (EOW) for the recovery of outstanding dues. Additionally, the Authority plans to seal vacant properties associated with these non-compliant developers.
Meanwhile, in a separate development, the Authority suspended an assistant for negligence in handling a case related to MMR Saha Developers 鈥� who owe over Rs 11 billion on a commercial plot in Sector 52.
Noida CEO Lokesh M formed teams to take action against developers who are not utilising the rehabilitation package. This package includes a two-year zero period for the Covid-19 pandemic (offering interest waivers) aimed at reducing land dues and expediting the registration process for flats, ultimately providing long-awaited ownership rights to affected homebuyers.
The Noida Authority sealed three unsold shops in the Prateek Laurel society in Sector 120. The action was taken after the developer, Prateek Realtors India Pvt Ltd, failed to comply with a govt order on legacy stalled real estate projects. As of Dec 31, 2023, the developer owed the Authority a total of Rs 504 million. Despite repeated notices, Prateek Realtors deposited only Rs 10.5 million out of the required Rs 126.2 million, which is 25% of the total dues.
The group housing plot (GH-1) in Sector 120 was allotted to the developer on Dec 10, 2009, with the lease executed on Jan 7, 2010. The project, which includes 1,530 flats, still has 290 unregistered flats.
Apart from Prateek Realtors, developers of 16 other projects who agreed to the state's rehabilitation policy have also fallen short on payments 鈥� depositing just Rs 570 million against total dues of Rs 7.40 billion. Collectively, 6,152 flats in these projects remain unregistered.
Earlier this month, the Authority initiated proceedings against seven builders who have not consented to the state govt's rehabilitation package for stalled projects. Final notices were issued to these developers, directing them to provide details of unsold flats, unsold shops, and unutilised portions of their project land.
Developers who fail to submit the required information will have their cases referred to the Economic Offences Wing (EOW) for the recovery of outstanding dues. Additionally, the Authority plans to seal vacant properties associated with these non-compliant developers.
Meanwhile, in a separate development, the Authority suspended an assistant for negligence in handling a case related to MMR Saha Developers 鈥� who owe over Rs 11 billion on a commercial plot in Sector 52.
Noida CEO Lokesh M formed teams to take action against developers who are not utilising the rehabilitation package. This package includes a two-year zero period for the Covid-19 pandemic (offering interest waivers) aimed at reducing land dues and expediting the registration process for flats, ultimately providing long-awaited ownership rights to affected homebuyers.
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