NOIDA: The Noida Authority has ordered the attachment of properties of realty group Aims Max Gardenia (AMG) over pending dues of Rs 2,409.77 crore against two land allotments in the city, officials said on Thursday.
The group, however, has contested the amount of pending dues, claiming it was around Rs 1,050 crore and said it was ready to pay 25 per cent of it, as per recommendations of the Amitabh Kant committee on legacy stalled housing projects, to pave way for registry of flats in its projects.
According to the Noida Authority, Aims Max Gardenia Pvt Ltd, which was allotted group housing plot Eco City in Sector 75 had pending dues worth Rs 1,717.29 crore while Gardenia Aims Developers Private Limited, which was allotted a group housing plot in Sector 46, had pending dues worth Rs 692.48 crore.
The pending dues’ status was updated till December 31, 2023. Both the companies which were allotted the plots belong to the AMG group.
The Noida Authority, under the Uttar Pradesh government, issued an order for property attachment to address stalled real estate projects.
CEO Lokesh M stated that the aim is to ensure builders clear dues and complete flat registrations for buyers.
The authority is taking action to identify such builders and facilitate flat registrations by depositing 25 per cent of their liability.
Land allottees failing to meet the December 2023 deadline must now clear full dues with interest.
For instance, a commercial plot allotted to AIMS Max Gardenia Developers Pvt Ltd will be auctioned for recovery.
Similarly, 122 flats from a project in Sector-46, Noida, will be auctioned for outstanding dues.
The authority aims to ensure registry proceedings for 3,379 stuck flat buyers. A spokesperson for AIMS Max Gardenia expressed intent to deposit 25 per cent of the actual amount to benefit from the zero period waiver.
Pending registries and delayed possession of flats have been pressing issues in Noida and Greater Noida for a long time, with the UP government also pushing for the resolution of homebuyers’ woes.
At the Centre-level, too, a panel headed by Amitabh Kant made recommendations to end the distress involving homebuyers, builders and
local authorities.