NOIDA: One out of the three projects, whose developers faced recovery certificates (RCs) from the Greater Noida Industrial Development Authority (GNIDA), cleared its dues, while the other two developers are facing property attachment.
Notices were recently issued to Antriksh Engineers, Elegant Infracon and MSX Realtors, collectively owing over Rs 159 crore to the authority. In response to the recovery notice, Elegant Infracon paid Rs 8.48 crore, which accounts for 25% of its total dues.
Authorities have warned if the remaining developers fail to settle their dues, they will proceed with seizing and auctioning their assets.
As per the official data, Antriksh Engineers’ project — Antriksh Golf Link, located in Sector 1 — owes Rs 110.19 crore; Elegant Infracon — Elegant Ville in Techzone 4 — owes Rs 35.91 crore and MSX Realtors — Alpha Homes in Sector Alpha 1 — owes Rs 13.71 crore to the authority.
Antriksh has 1,184 sanctioned flats, while Elegant Infracon has 768 and MSX has 187 units.
The recovery notices were issued after the builders missed the deadline for a state govt policy issued in Dec 2023 offering interest waivers (zero period) on stalled housing projects.
Since the policy implementation in Dec 2023, 73 out of 98 developers agreed to take the benefits of the policy and deposited 25% of their recalculated dues.
Based on the payment, the registry of 8,106 flats was executed between Feb and Oct this year.
Out of these, 13 projects had their liabilities reduced to zero after the recalculation, while nine paid their entire dues.
However, 22 projects are embroiled in legal battles and have got ‘no coercive action’ orders taken from the courts. RC were issued against the remaining projects.
GNIDA collected around Rs 550 crore from the initial 25% deposits under this policy. The authority projects that an additional Rs 1,302 crore could be collected over the next year as developers fulfill the remaining 75% of their dues.
