Two builders surrender land to Noida Authority
NOIDA: Amid the financial crisis, the Noida Authority is mulling action against erring builders who have failed to abide by the deadlines to deliver possession to homebuyers, and are yet to clear outstanding dues, to the tune of more than Rs 15,000 crore, to the Authority.
In the wake of this, the authority has taken back the allotted land worth Rs 6,358 crore from two builder's groups who have failed to pay the debts even after receiving several notices from the authority.
The duo builders have earlier applied to surrender their land to the authority under project settlement policy (PSP).
“These builders failed to pay their huge debts to the authority. We have sought to rescue them and this is going to benefit the authority as well as the home buyers. The project settlement policy is aimed to cut down the problems in the realty sector” said a senior official of Noida Authority.
The realtors who have surrendered their land are Unitech builder's group and City center group. Their projects fall in different posh residential sectors in Noida.
The authority is planning to use these lands to provide to other builders under the group housing projects.
Projects of Unitech Builder are located in sector 96,113 and 117 in which around 14,07,327 meter square of land at a rate of Rs 11, 520 per meter square was allotted to these projects. 6,19,000 meter sq. of the total land has been taken back by the authority. The builder's group is now left with land worth Rs 900 crores.
The city center group has surrendered around 4,84,000 meter sq. of land and is now left with land worth Rs 600 crores.
The move has reduced the remaining debts of the builders to authority to nearly half.
In total, the authority will be getting around 13 lakh meter sq. of land which has been returned at the same rate it was allotted earlier. The future allotment will be done keeping in mind the reserved price rate. GURUGRAM: To increase the green cover in the city, this monsoon, the horticulture department of Municipal Corporation of Gurugram (MCG) will be providing free saplings to the Resident Welfare Associations (RWA'S).
A special drive of increasing the green cover will be initiated in the areas of Northern Periphery Road and Southern Periphery Road (SPR) where large scale construction activities has resulted in reduction of green cover in these areas.
The Municipal body will also assist the resident welfare groups in maintenance of parks. The move by MCG comes at a time when thousands of trees are being cut in the city for construction activities. Not long ago Umesh Aggarwal the Gurugram MLA had also announced to plant 10 lakh saplings this monsoon with the help of city residents.
The initiatives are being announced at a time when a large number of trees is being felled. Over 4,000 trees were cut along NH-8 for the construction of underpasses and flyover along its major traffic intersections. Recently, there were reports of 100 trees being felled for the purpose of widening the MG road. “It is good if the MCG is thinking of planting more trees. However, it is important that they must also maintain the sapling than just plant and then forget about it," said Dhruv Bansal of Gurugram Citizens Council.
In total, the authority will be getting around 13 lakh meter sq. of land which has been returned at the same rate it was allotted earlier