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, which functions under the Uttar Pradesh government, issued an order regarding the attachment of properties on Wednesday.
“In order to solve the problems of legacy stalled real estate projects, a policy/package has been prescribed by the state government vide its order dated December 12, 2023. Its main objective was to make sure that builders clear their dues towards the authority and registry of flats done in favour of buyers at the earliest,” Noida Authority CEO Lokesh M said.
“In the same sequence, Noida Authority is taking action to identify such builders and get registries done in favour of flat buyers by depositing 25 per cent of the full amount of their liability towards the authority,” he said in a statement.
Noting that the deadline for getting relief by paying 25 per cent of the total dues was till December 2023, the authority said the two land allottees will now have to clear full dues with interest.
“By cancelling the lease of 60,000 square meter commercial plot out of 6,00,000 square meter allotted to AIMS Max Gardenia Developers Pvt Ltd in GH-Eco City, Sector-75, it has been decided to attach the commercial property developed on it. The authority will recover its money by selling this asset through auction,” the statement read.
“For recovery of dues against the group housing plot number GH-1, Sector-46, Noida allotted to Gardenia AIMS Developers Pvt Ltd, which has outstanding dues of Rs 692.48 crore, 122 flats of the project which have already been sealed will now be auctioned,” it added.
“Registry proceedings will be ensured as per rules in favour of all the 3,379 flat buyers stuck in these projects,” the Noida Authority said.
Meanwhile, a spokesperson for AIMS Max Gardenia said the group wants to take the benefit of zero period (a waiver recommended by the Kant panel) by depositing 25 per cent of the “actual amount which is around Rs 600 crore and 450 crore” on the recommendations of the Kant panel.
“This is a very good step by the government and we are happy to go with this. The matter in which the authority is talking about dues of Rs 1,717 crore and Rs 692 crore is still in the court. Whatever decision comes as per the order of the court, we will proceed accordingly,” the spokesperson added.
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.
