The Yamuna Expressway Authority has cancelled the allotment of a plot to a real estate developer for its failure to clear dues of nearly Rs 43 crore. The Authority has also forfeited Ajnara India Limited’s deposit of nearly Rs 12 crore. Now, the Authority will complete the developer’s group housing project on the said land in Sector 22 and give possession to flat buyers, officials have said.
In 2011, Ajnara was allotted 25 acres in Sector 22 and given permission to construct 3,266 flats on the land. Though the Authority issued completion certificates to 695 flats in the developer’s group housing project, Panorama, in September 2019, Ajnara did not clear the dues of Rs 42.82 crore despite repeated reminders. This prompted the Authority to take such an action.
However, keeping the interest of the homebuyers in mind, Authority CEO Arun Vir Singh said they would complete the project using the builder’s security deposit. The Authority has already started collecting the data of investors in the project.
“The interest of flat buyers will be fully protected. An assessment of allottees will be done, and the Authority will soon inform the buyers about the strategy to complete this unfinished project and give possession. We will utilize the builder’s money deposited with us. The additional capital will come from money collected from the remaining flats whose completion certificates have not been given,” he said.
Consultations with financial and legal advisors will be done to finalize the strategy. The developer got the plot’s lease deed done in December 2011 but did not pay the instalments on time. It availed the benefits of zero period twice — first in 2011-13 and then in 2013-15 — but did not show any interest in completing the project. At the same time, the builder continued to collect money from the flat buyers.
Subsequently, in June 2017, the Authority issued a notice to the builder asking it to deposit Rs 1.04 crore, but the developer paid only Rs 54 lakh. In October 2017, the Authority again issued a notice to the builder to deposit Rs 4.63 crore. Later, in 2019, the builder got the dues rescheduled under the policy, yet did not pay the instalments and also did not open the mandatory escrow account.
