The Yamuna Expressway Industrial Development Authority (YEIDA) will present a proposal to partially revoke land allocations to Supertech Township Project Ltd. and ATS Realty, which have outstanding debts of around Rs 13.00 billion. The two companies had been allocated 100 acres each for developing townships in Sector 22D off the Yamuna Expressway. ATS Realty, responsible for constructing Allure on a significant portion of its land, had outstanding dues amounting to Rs 6.68 billion.
The housing society had approximately 1,800 residents. Supertech, engaged in the Golf Country project involving 3,200 buyers, owed Rs 6.77 billion to YEIDA. Arun Vir Singh, the CEO of YEIDA, mentioned that neither of the two companies had accepted the state government’s rehabilitation package despite receiving notices. "They were informed about their revised dues after applying the zero-period waiver on penal interest incurred during the two years of the pandemic," Singh added. He further stated that the proposal to partially cancel land allotments would be presented at the authority’s board meeting on June 22. "Other than the land where residential projects have been established, the allotment for the remaining portion will be cancelled."
According to YEIDA’s records, ATS Realty had been allotted 101 acres in June 2013. Singh noted that if ATS Realty had accepted the rehabilitation package, the builder would have received relief amounting to Rs 1.36 billion, reducing its total land dues to Rs 531.4 crore.
However, the builder did not meet the deadline of April 28 to deposit 25% of the recalculated dues. "Last month, ATS wrote to YEIDA seeking an extension until May 30, proposing an upfront payment of Rs 0.93 billion. They also acknowledged that 38 acres were still occupied by farmers and offered Rs 0.53 billion as additional compensation. ATS proposed to deposit 25% of the total occupied land cost of Rs 3.72 billion in three instillments within 60 days of map approval," as per ATS. "
Supertech would have received relief of Rs 1.28 billion had it chosen to accept the government deal. The company was supposed to pay Rs 1.37 billion as 25% of the net dues but failed to deposit the amount. The company asserts that YEIDA could not cancel the land allotment due to an Allahabad High Court ruling prohibiting any coercive action against the company as the land was under dispute.
