NOIDA: The Noida Authority is faced with an uphill task of recovering Rs 8,400 crore from 10 developers of commercial projects who are also its primary defaulters. The companies include prominent realtors such as Supertech, ATS, Boulevard, Sunshine, Granite Hill and BPTP International, among others.
Officials said the Authority’s efforts in recovering the amounts have been hit hard by various factors, such as ongoing insolvency proceedings at NCLT and stay orders secured by some of the developers from the Allahabad high court. A few cases are also pending at the state govt level.
According to data sourced from the Authority, Supertech’s Supernova project in Sector 94 owes the highest amount, exceeding Rs 2,100 crore.
The developer moved the high court in 2021 after the Noida Authority issued a notice and also obtained a stay order against any “coercive action”.
ATS Knightsbridge in Sector 124 is second on the list, with dues amounting to almost Rs 2,000 crore.
Recovering the amount has hit a hurdle here too as NCLT has recently admitted an application by an investment company that has financed the project and appointed an IRP.
Boulevard Projects Pvt Ltd, a special purpose vehicle owned by the promoters of 3C group, has a debt of more than Rs 1,450 crore related to its Delhi One project in Sector 16B. The project was acquired by Max Estates — a realty firm under Max Group — after their bid was approved by NCLT last year. Noida Authority, however, appealed in the tribunal that it should be considered as a financial creditor.
Developed by MMR Saha, 52nd Avenue in Sector 52 owes Noida over Rs 1,100 crore. The group has urged the state govt for a zero period waiver because of NGT’s ban on construction to tackle deteriorating air quality levels in winter.
Other companies that are yet to clear the Authority’s dues are Sunshine Trade Tower’s business park in Sector 94 (Rs 470 crore); The Downtown of Granite Hill Properties in Sector 98 (Rs 387 crore); BPTP International Trade Centre in Sector 94 (Rs 309 crore), Hotshot Developer’s E-Square in Sector 96 (Rs 297 crore), Invoke Realtor’s Logix City Centre in Sector 32 (Rs 153 crore), and International Recreational Park’s The Great India Place (Rs 137 crore).
The Great India Place project has moved NCLT.
“Many of these projects are entangled in legal cases, which is why we are finding it difficult to recover the dues. We held a meeting with these developers last month to understand their problems and discuss probable solutions. The stalemate, however. remains,” an official said.
The Authority now plans to hold another meeting with the developers and persuade them to settle their dues. “We might also ask the companies to meet us individually so that a solution can be found,” the official said.
