Greater Noida news: The construction company had been allotted a land plot of 25 acres in Sector Pi in 2006 by GNA.
Noida: Taking strong action against Parsvnath developers, the Greater Noida authority has cancelled two land parcels allotted to them as the company didn't pay dues to the tune of Rs 281 crore. Another reason for the harsh action was that the developer was supposed to develop the land by 2013 but it hasn't been able to complete the construction project. The action was taken on the orders of GNA CEO Ritu Maheshwari.
The construction company had been allotted a land plot of 25 acres in Sector Pi in 2006 by GNA. The lease was awarded in 2007. It was supposed to pay a premium of Rs 33.54 crore in that year but it paid only Rs 7.14 crore. The remaining amount was to be paid by 2013 and the project was to be completed by the same year. However, since the builder couldn't keep up its promise, the authority decided to cancel the land parcels. The authority had also given the mortgage permission in 2016, but it still didn't finish the project.
The authority also handed over notices in 2011, 2012, 2013, 2019 and 2020 for default of payment. Under the rules, the maximum time period allowed for the completion of the land project is 15 years. The date for this project had crossed months ago.
The developer was also supposed to pay a total compensation of Rs 281 crore, including the premium amount. The authority has also seized the builder's bank guarantee of Rs 1.5 crore.
GNA also canceled plot number 5 in Sector Pi.
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The allotment of land was completed in 2007 and a total premium of Rs 11 crore was due. It was to be made in 13 installments by 2013. The project was to be completed by 2012, IANS reported, but it is still incomplete. The authority had sent several notices to the builder but neither the dues were paid nor the project completed. A total of Rs 70.41 crore was owed to society.
These plots will be allotted to others.
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 "Greater Noida: GNA also canceled plot number 5 in Sector Pi. (Photo: Parvsnath)")
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