Noida developer loses land lease over pending dues of Rs 157 crores

[] The Noida Authority has cancelled the land lease given to Dwelling Star Developers, for a property in the Sports City of Sector 98, over pending dues of Rs 157 crores

The land lease of a private developer in Noida was cancelled, on September 19, 2019, over non-payment of over Rs 157 crores dues towards the Noida Authority, officials said. The property in the Sports City of Sector 98 was allotted to the Dwelling Star Developers, which was issued multiple recovery notices and reminders over the non-payment, since November 2017, the officials said.

Noida Authority CEO Ritu Maheshwari had called for a review of major defaulters and entities, which have dues pending towards it and accordingly, initiate action against them, they said. “During the ongoing review, it was found that Dwelling Star Developers is among the major defaulters. It was allotted a property in Sports City H Block of Sector 98 in Noida but the developer’s dues have accumulated to Rs 157,07,60,007 over the years,” a Noida Authority official said.

“Multiple notices and reminders were issued in 2017 and 2019 after which it was decided today that the developer’s lease should be cancelled over the non-payment,” the official added. When asked, the Noida Authority did not share the details on the area of land that was allotted to Dwelling Star Developers.

Copyright belongs to:

Debora Berti

Università degli Studi di Firenze, IT

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button