Good news for nearly 500 homebuyers of the 3C Lotus City project in Noida: construction can finally begin after years of delays due to a legal dispute. The Yamuna Expressway Industrial Development Authority (YEIDA) and the new developer, ACE Infracity Developers Private Limited, have resolved a long-standing case pending before the National Company Law Appellate Tribunal (NCLAT). The project, launched in 2012 on 100 acres, faced delays due to farmers' demands for increased compensation. With a revised plan reducing ACE's land dues from INR 506 crore to INR 299 crore and addressing farmers' compensation, construction is set to resume, bringing relief to homebuyers.
There's good news for nearly 500 homebuyers who invested in the 3C Lotus City project along the Yamuna Expressway in Noida. After years of delays due to a legal dispute, construction work can finally begin at the site.
The Yamuna Expressway Industrial Development Authority (YEIDA) and the new developer, ACE Infracity Developers Private Limited, have reached a mutually agreeable solution. This resolves a long-standing legal case that had stalled the project for over a year. The case was pending before the National Company Law Appellate Tribunal (NCLAT).
The project, launched in 2012 on 100 acres of land, promised possession by the end of 2024. However, farmers refused to give up possession unless they received a 64.7% increase in compensation (amounting to INR 80 crore) on the original land acquisition cost. This dispute led to a halt in construction, leaving home buyers waiting for their promised flats.
YEIDA played a crucial role in resolving the project's issues. Initially, they challenged ACE's takeover in June 2023. However, they later developed a revised plan that balanced the interests of both homebuyers and farmers. This plan included reducing ACE's land cost dues from INR 506 crore to INR 299 crore, accounting for the project's delay and the need to speed up construction. Additionally, the revised dues incorporated INR 80 crore for increased land compensation to farmers, addressing their demands.
With the dispute settled, ACE can now take full control of the project. This means construction work can finally resume, bringing long-awaited relief to the nearly 500 homebuyers who have been waiting for their flats.
ACE has committed to paying the revised land cost dues and working with farmers to ensure a smooth handover of the land. Their primary goal is to expedite construction and deliver the flats to homebuyers as soon as possible. This positive development brings an end to a period of uncertainty for everyone involved in the project. It also highlights the importance of collaboration between authorities, developers, and landowners to ensure timely project completion and protect the interests of homebuyers.
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