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The Noida Authority has taken stringent action against TGB Infrastructure by sealing two unsold flats and a commercial shop at the Meghdutam housing project in Sector 50 due to outstanding dues amounting to INR 55 crore. The Authority has also sought assistance from the district magistrate to recover the dues as land revenue. Despite a reduction in liabilities following a waiver under a state government scheme, the developer has yet to meet the required advance payment for property registrations. The Allahabad High Court recently directed the Authority to facilitate registrations for affected homebuyers, criticising its ineffective recovery efforts. Meanwhile, one of the developer's directors, Anil Kumar Saha, remains in custody.
The Noida Authority has sealed two unsold flats and a commercial shop at the Meghdutam housing project in Sector 50 due to outstanding dues amounting to INR 55 crore. To recover the pending amount, the Authority has approached the district magistrate, requesting its collection as land revenue. Advertisement
The developer, TGB Infrastructure, had previously received multiple cancellation notices from the Authority last year. The project, spread over 12,750 square metres and consisting of 173 units, was allotted to the developer in 2008. Following a two-year zero-period waiver under a state government rehabilitation scheme, the outstanding dues were revised to INR 44 crore. However, the developer was required to pay 25% of the revised amount (INR 11 crore) upfront to qualify for property registrations' a condition that remains unmet.
In an effort to recover the dues, a liability notice was affixed to the main gate of the society, followed by a final notice warning of potential referral to the Economic Offences Wing (EOW).
The sealing order comes in the wake of a recent Allahabad High Court directive instructing the Authority to facilitate property registrations for homebuyers. A division bench of Justices Manoj Kumar Gupta and Anish Kumar Gupta ruled in favour of 19 residents who had fully paid for their properties but were still awaiting ownership documents. The court criticised the Authority for its ineffective recovery measures against TGB Infrastructure.
It was also revealed that Anil Kumar Saha, a director of TGB Infrastructure, is linked to 39 other active real estate firms, providing additional avenues for debt recovery. He is currently incarcerated.
In an interim order, the court directed the Noida Authority to execute tripartite sub-leases for the petitioners, who had already made full payments and were occupying their flats based on the Authority's granted occupancy certificate. Simultaneously, the Authority has been instructed to continue its efforts to recover dues from the developer.
The Noida Authority's firm stance on recovering dues from TGB Infrastructure highlights its commitment to enforcing financial compliance among developers. With legal proceedings still underway, the Noida Authority must expedite its efforts to reclaim dues while ensuring that homebuyers do not bear the brunt of the developer's financial mismanagement.
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