Following the Supreme Court's directive, registrations for flats at Lotus 300 in Sector 107 have begun, with 16 of over 100 homebuyers successfully completing the initial phase. The court upheld an Allahabad High Court order, mandating Noida Authority to proceed with flat registrations despite pending dues from the developer, resolving a decade-long battle for buyers. Efforts to complete registrations for all units and issue occupancy certificates are ongoing, providing long-awaited relief.
Following directives from the Supreme Court, registrations for flats at Lotus 300 commenced recently, with the process successfully concluding for 16 of the 100 or so homebuyers in the initial phase. The Supreme Court had upheld an order from the Allahabad High Court, instructing the Noida Authority to proceed with the registries at the Sector 107 society, irrespective of any pending land dues from the developer. This landmark decision has brought an end to a decade-long struggle for homebuyers.
According to an article published by ET Realty, the interim resolution professional Ayyagari Vishwanandha Sarma, travelled from Hyderabad to the city to verify all necessary documents, including original allotment letters, builder-buyer agreements, and possession certificates for the 16 flats. It is anticipated that Sarma will return next week to continue this process. Completing the registration for all 102 flats across the society's two towers will require multiple visits, as Sarma has been authorised to sign documents on behalf of the builder under the Corporate Insolvency Resolution Process.
In March 2010, the Noida Authority allocated 17 acres of land in Sector 107 to Hacienda Project Private Limited (HPPL), part of a consortium led by Pebbles Info Softech, for the development of Lotus 300. The developers collected approximately INR 636 crore from homebuyers for 330 flats across six towers, initially promising a completion timeframe of 39 months, which was later extended to July 2017. While HPPL completed four towers and provided partial possession to buyers, the developer failed to finish the remaining towers or deliver the promised amenities. In 2018, homebuyers lodged an FIR with the Economic Offences Wing of Delhi Police against the directors of HPPL for cheating, criminal breach of trust, and conspiracy.
Insolvency proceedings for Lotus 300 began in November 2022. The AOA president stated that the recent court rulings and the initiation of the registration process represent a significant victory for homebuyers after an 11-year battle, highlighting that they are finally able to secure registrations for their properties. Efforts are also underway to facilitate registrations for flats in the remaining four towers. The Noida Authority has appointed senior manager Vaibhav Gupta as the nodal officer responsible for overseeing the preparation of occupation certificates (OC) and completion certificates (CC) for these towers, a process expected to take 15 to 20 days.
In conclusion, the registration process marks a pivotal step towards resolving long-standing issues for Lotus 300 homebuyers, restoring hope for their rightful ownership.
Advertisement
Facebook
Whatsapp
