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The Noida Authority has issued notices to developers involved in the Sports City projects, instructing them to clear all outstanding dues within a month in line with the Allahabad High Court's recent directives. The dues include pending premiums, interest on premiums, penalty interest, lease rent, the 64.7% additional compensation amount, and time extension fees. Developers failing to comply within the stipulated timeframe will face further legal action. The court has also barred developers from creating third-party rights through bookings until they complete the sports facilities as per the original project plan. Furthermore, original lessees and sub-lease holders are prohibited from selling land or altering shareholding structures until the completion of the first phase of sports facilities.
The Noida Authority has issued notices to developers of the Sports City projects, instructing them to settle their outstanding dues within a month in accordance with the recent directives of the Allahabad High Court. Advertisement
The outstanding dues comprise pending premiums, interest on premiums, penalty interest, lease rent, the 64.7% additional compensation amount, and time extension fees. The court said that developers who fail to make the payments within the designated timeframe will be subject to further action.
In a recent ruling, the High Court ordered the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) to conduct a probe into three of the four Sports City projects, citing financial irregularities and an alleged "nexus" between developers and Noida Authority officials.
The high court orders pertain to Sports City projects in sectors 78, 79, and 101, where Xanadu Estate was the lead developer, and two Sports City projects in Sector 150, developed by Logix Infra Developers and Lotus Greens Constructions.
The authority has directed the lead developers not to transfer their companies or sell the housing plots to new developers before they develop the sports facilities on 70% of the housing land. And the authority has also continued the ban on sale of apartments for the realtors as they have not developed the sports facilities. There are at least 50,000 homebuyers in these housing projects who have been waiting for flats for more than a decade.
Furthermore, the High Court has prohibited original lessees and sub-lease holders from selling land or making any modifications to CIC (change in constitution) through shareholding changes until the completion of the first phase of sports facilities.
Meanwhile, the Noida Authority has constituted a four-member committee to scrutinise and address cases related to the High Court's orders on the Sports City projects. The committee is headed by Noida authority's additional chief executive officer Satish Pal and has three other members, including chief legal advisor RP Gupta, chief finance controller Swatantra Kumar, and chief architect and town planner Ishtiyaq Ahmed.
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