NOIDA: Yamuna Expressway Industrial Development Authority (YEIDA) is ready to place forth a proposal to partially cancel land allotments to ATS Realty and Supertech Township Challenge Ltd, that are but to clear dues amounting to round Rs 1,300 crore in complete.

Officers mentioned the 2 corporations had been handed 100 acres every for creating townships in Sector 22D off the Yamuna Expressway.

ATS Realty, which has constructed Attract on a lot of the land, has excellent dues of Rs 668 crore. The housing society has round 1,800 residents. Supertech, which is constructing Golf Nation involving 3,200 consumers, owes Rs 677 crore to YEIDA.

Arun Vir Singh, the YEIDA CEO, mentioned not one of the two corporations got here ahead to just accept the state govt’s rehab bundle regardless of notices.

“They had been knowledgeable about their revised dues after making use of the zero-period waiver on penal curiosity incurred throughout two years of the pandemic. The proposal to partially cancel land allotments can be offered on the Authority’s board assembly on June 22. Apart from the land the place residential initiatives have come up, the allotment for the remaining portion can be cancelled,” Singh added.

In response to YEIDA’s knowledge, ATS Realty was allotted 101 acres in June 2013. Had it accepted the rehab bundle, the builder would have gotten a reduction of Rs 136.8 crore, which might have diminished its complete land dues to Rs 531.4 crore. However the developer didn’t come ahead to deposit 25% of the recalculated dues by April 28, the deadline provided to it.

Final month, ATS wrote to YEIDA and sought an extension until Might 30, but additionally agreed to pay Rs 93.9 crore upfront. The developer mentioned 38 acres had been nonetheless occupied by farmers and it provided to pay them Rs 53.5 crore as extra compensation.

ATS additionally proposed to deposit 25% of the entire occupied land price of Rs 372.7 crore in three installments inside 60 days of the map approval.

An ATS spokesperson mentioned that they had cleared a considerable a part of their dues. “We wish the remaining land handed over to us and the format authorized too,” he added.

Equally, Supertech would have gotten a reduction of Rs 128.7 crore had it opted for the government deal. The builder was purported to pay Rs 137.3 crore as 25% of the online dues. Nevertheless, the corporate didn’t deposit the cash.

Supertech chairperson RK Arora mentioned YEIDA couldn’t cancel the land allotment, citing an Allahabad excessive court docket ruling that requested the Authority to not take any coercive motion in opposition to the corporate because the land is in dispute. “If YEIDA nonetheless goes forward, will probably be unlawful,” he added.

There are 9 builder initiatives within the YEIDA space, of which three have deposited 25% of their recalculated dues. Greenbay Infrastructure has paid an advance of Rs 110 crore of the entire Rs 441.2 crore dues, Omnis Builders has deposited Rs 9.5 crore of the Rs 38.1 crore whereas Logix Buildstate has cleared Rs 62 crore of the dues of Rs 248 crore.