Friday 17 September 2021

Dues mount, Noida to cancel allotment of 2 plots off e-way to Logix group | Noida News

Noida: The Noida Authority has decided to take back possession of two land parcels allotted in 2010 to the Logix group for which, officials say, it hasn’t been able recover dues of Rs 1,384 crore.
The plots – in sectors 105 (seven acres) and 124 (nine acres) – had been transferred to Logix subsidiaries in June 2010 and December 2010. The group was to develop a retail unit – mall and multiplex – and office space in Sector 105 and had similar plans for Sector 124 with a limited number of residential suites.

Officials said the group failed to pay up its instalments along with compound interest to the Noida Authority. For the Sector 124 plot, the Noida Authority claims its dues amount to Rs 796 crore while for the Sector 105 plot, it is yet to receive Rs 588 crore.
Kumar Sanjay, officer on special duty at the Noida Authority who heads the commercial division, said Logix Group subsidiaries were given a lot of time to come to the table and pay up the dues. “But we decided to cancel the allotment as we got no concrete response from them,” he said.
Both plots lie close to the Noida-Greater Noida Expressway. No construction work has taken place at the sites.
TOI got in touch with Vikram Nath, a director of the Logix group, but he declined to comment.
The decision to cancel the allotments made to the Logix group is the latest in a series of similar measures Noida has taken this year. Over the past few months, the Noida Authority has acted against more than 22 allottees for dues that it claims amount to more than Rs 7,500 crore. The biggest of these was in April when prime commercial land Sector 32 was taken back from the Wave group.
The Noida Authority has also issued recovery certificates to four other companies, among them the Supertech group (Rs 27 crore). The three other companies are MMR Saha Infrastructure Pvt Ltd for land allotted in Sector 52 for which Noida claims it has to recover Rs 869 crore, Granite Hills Properties Ltd for its property in Sector 98 (Rs 350 crore) and ET Infra Developers Pvt Ltd for a plot in Sector 16 (Rs 63 crore).


NBCC auctions unsold FAR at Amrapali Group’s Princely Estate project in Noida for Rs 43 crore

“The first unused FAR has been successfully auctioned for Rs 43 crore,” sources said, adding the payment would be made in the next six months.

Vandana Ramnani

The government’s construction arm NBCC which is tasked with delivering 38,159 flats by the erstwhile Amrapali Group by 2023, has auctioned unused floor area ratio (FAR) in the housing project of embattled real estate developer Amrapali Group Princely Estate at Sector 76, Noida for Rs 43 crore, sources told Moneycontrol.

It had invited bids for sale of unused FAR at Princely Estate in the second week of August with a reserve price of Rs 40 crore. “The first unused FAR has been successfully auctioned for Rs 43 crore,” sources said, adding the payment would be made in the next six months.

It is expected to raise Rs 1500 crore from the sale of unused FAR in the housing projects of Amrapali Group across seven locations. “We are targeting next month for the sale of two more FARs,” sources said.

"The total unsold FSI that has been auctioned is around 2.6 lakh sq ft. The amount will go into completion of unfinished units of erstwhile Amrapali Group," sources told Moneycontrol.

The last date of submission of the pre-bid was August 29, 2021, and the earnest money deposit was Rs 4 crore, the document said.

The Supreme Court had earlier directed the Metal Scrap Trade Corporation (MSTC) to sell the unsold FAR.

Floor Area Ratio (FAR) is the ratio of the total floor area of a building to the land area on which the building has been constructed. It indicates the total area on all floors that can be built on a plot of land. FSI of 150 means that 1.5 times the land area can be constructed on the land.

Earlier, NBCC had invited bids from property consultants to take over the sale of over 5,000 unsold units of the erstwhile Amrapali Group. Four brokerage firms were in the race of which Anarock emerged as the successful bidder.

The court had in 2019 asked the government’s construction arm to finish and deliver 38,159 flats by the erstwhile Amrapali Group by 2023 after several homebuyers sought its intervention, complaining about years of delay in handing over their homes.

The total cost of completing all stuck projects by Amrapali Group is approximately Rs 8,500 crore. NBCC is executing these projects as PMC and would get 8 percent as fees. It is not using its funds, which are being facilitated by a receiver appointed by the Supreme Court.

The SC on October 13, 2020, had permitted the court receiver to incorporate a special purpose vehicle (SPV) to enable flow of funds from SBICap for completion of unfinished projects. SBICap has agreed to fund Rs 650 crore for around 7,000 stuck units.

It is for this reason that the company Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) has been floated. It consists of a court receiver, a forensic auditor and a chartered accountant. It is a not-for-profit company under Section 8 of Companies Act, 2013.


At next board meet, Noida may slash property transfer charges | Noida News

NOIDA: The board assembly of the Noida Authority is predicted to happen on September 24. The Authority is considering to convey down the property transfer charges on the assembly, TOI has learnt.
Though officers say they’ve been requested to prepare to carry the assembly next week, they’re but to get the ultimate go-ahead from Authority chairman Sanjeev Mittal. The Noida chairman, additionally UP’s infrastructure and industrial improvement commissioner, is heading the particular investigation staff probing the Supertech Emerald Court case and has not but submitted his report back to the federal government.
At the board meet, the Authority may convey down the property transfer charges. Businessmen, RWAs and flat house owners have been petitioning the federal government to focus on the steep transfer charges they need to pay to the Authority whereas promoting their properties.
In June this yr, the Greater Noida Authority introduced down the transfer charges on properties, thereby encouraging secondary market realty transactions within the metropolis. However, Noida is but to rationalise the charges.
Institutional and business plot house owners, at current, need to pay 10% of the prevailing land premium as transfer charges. The Authority is considering to convey it down to five%, based on sources.
Similarly, for transfer of non-functional industrial plots, an allottee has to pay 10% to the Authority whereas for the operational ones, the charges are 8%. The Authority may scale back the charges by 50% for the 2 classes and scale back the identical to five% and 4%, respectively.
For flats and flats, the Authority is charging within the vary of Rs 720 per sqm to Rs 1,980 sqm as per the prevailing land premium of the sector. Transfer charges of the flats need to be determined. Residential plot house owners, store and kiosk house owners are paying 5% as transfer charges to the Authority whereas promoting their items to the brand new consumers. Charges for such allottees might be introduced all the way down to 2.5%.
General secretary of the Noida Federation of AOA, Rajesh Sahay stated, “The state government will continue to generate revenue from stamp duty as the number of transactions will go up.”
Meanwhile, the chief minister can also be anticipated to go to Dadri on September 22 and the district administration in addition to the event authorities are gearing up for his go to.


Dues mount, Noida to cancel allotment of 2 plots off e-way to Logix group | Noida News

Noida: The  Noida Authority  has decided to take back possession of two land parcels allotted in 2010 to the  Logix  group for which, offici...