Unitech loses property in Noida over Rs 1,203-crore dues

Unitech loses property

The Noida Authority has cancelled the allotment of a property to Unitech Ltd over pending dues of Rs 1,203 crores and has said that it is planning to reclaim possession of the property located in Sector 113
The Noida Authority, on October 30, 2019, stated it has cancelled the allotment of a group housing property to crisis-hit realtor Unitech, over non-payment of dues worth Rs 1,203 crores. The property concerned is placed in Sector 113, where the actual estate crew had also come up with 17 towers barring getting the map cleared by means of the Authority, in violation of the Noida Building Regulation, 2010, it said.
“The allotment used to be cancelled on October 21, on guidelines of Noida Authority CEO Ritu Maheshwari, who has directed officials to reclaim possession of the property inside 15 days,” the Authority stated in a statement. “The non-payment of dues includes those accruing from EMIs, interest, lease rent, and construction lengthen by way of Unitech well worth Rs 1,203 crores,” it added. The team is additionally accused of attempting to have an agreement to promote 19,181.50 sq metres of land to M/s Sethi Residents and M/s GMA Developers, making them third-party, except seeking the Authority’s permission.

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