Parsvnath failed to pay Rs 281 crore, Greater Noida Authority cancels 2 lots; here’s what happened

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Greater Noida: GNA also canceled plot number 5 in Sector Pi. (Photo: Parvsnath)

Noida: The Greater Noida authority has taken firm action against Parsvnath developers and canceled two land plots allocated to them as the company failed to pay dues amounting to Rs 281 crore. Another reason for the tough action was that the developer was supposed to develop the land by 2013, but has not been able to complete the construction project. The action was taken on the orders of GNA CEO Ritu Maheshwari.

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The construction company had been awarded a 25-acre plot in Sector Pi by GNA in 2006. The lease was awarded in 2007. It was supposed to pay a premium of Rs 33.54 crore in that year, but it only paid Rs 7.14 crore. The remaining amount would be paid in 2013 and the project would be completed in the same year. However, because the builder could not keep his promise, the government decided to cancel the plots. The municipality had also granted the mortgage permit in 2016, but the project was not yet finished.

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The authority has also issued reminders for non-payment in 2011, 2012, 2013, 2019 and 2020. According to the rules, the maximum period allowed for the completion of the land project is 15 years. The date for this project passed months ago.
The developer would also pay a total fee 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 lot number 5 in Sector Pi.

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Land allocation was completed in 2007 and a total bounty of Rs 11 crore was due. It would be made in 13 installments by 2013. The project was supposed to be completed by 2012, IANS reported, but it still hasn’t been completed. 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 the society.

These lots will be assigned to others.

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