28/06/2024
In first action under Kant package, YEIDA cancels allotment of two key builders over unpaid dues
Yamuna Expressway Industrial Development Authority (YEIDA) has cancelled the allotment of two key developers - Supertech Township and Sunworld Infrastructure - in sector 22D area, in what is the first instance of action under the Amitabh Kant package aimed at the rehabilitation of builders in NCR. Officials said that despite granting two years’ Covid period relief and multiple communications, the builders did not submit their 25% of net dues, which is a condition to begin the registration of stalled units. Leaving out the third-party interests in the said plots, YEIDA, in its 81st board meeting on Wednesday, cancelled the land allotment. With this, the process of registration of at least 4,500 flats is set to get further delayed. While Supertech has 3,200 units in the project, Sunworld has 1,400 units.When contacted, Supertech Chairman R K Arora said the plots can’t be cancelled as the Allahabad High Court has already issued a “no-coercive order” since the land is in dispute. Data with the authority shows that Sunworld Infrastructure owed Rs 816.12 crore to YEIDA as land dues for an area of 4.04 lakh square meter allotted to the company in August 2011. After applying the Kant formula, Rs 156.68 crore relief was granted to the builder, bringing down the net dues to Rs 659.44 crore. Yamuna Authority asked the developer to pay Rs 164.86 crore, which is 25% of the outstanding dues, to start the registration process. Similarly, the total land dues on Supertech Township for its 22D project was Rs 677.79 crore. However, after deducting Rs 128.68 crore relief, the net dues on the company is now Rs 549.11 crore. The authority wrote to Supertech to pay Rs 137.28 crore as 25% of net dues to start the registry.
