Advertisement
What really powers the cloud? Behind every Google search, A...
A lot of what defines a home isn’t visible at handover. I...
Private equity has played a significant role in shaping Indi...
Luxury real estate is one of the most talked-about segments ...
Airports play a much bigger role than just enabling travel -...
Noida Authority has initiated recovery proceedings against Sikka Infrastructure for outstanding dues amounting to INR 277 crore as of March 31, 2025. The dues pertain to a group housing plot in Sector 143B, allotted to the company in June 2011. Despite multiple reminders and notices, Sikka Infrastructure failed to clear the dues. Consequently, the company lost its eligibility for benefits under the state government's policy announced in December 2023 to assist stalled real estate projects. The Authority has now referred the matter to the Economic Offences Wing for further action.
Noida Authority has initiated legal proceedings to recover INR 277 crore from Sikka Infrastructure, a real estate developer, for unpaid dues related to a group housing project in Sector 143B. The outstanding amount, as of March 31, 2025, had escalated from INR 208 crore due to the company's non-compliance with payment obligations. Advertisement
The plot, measuring approximately 36,851 square meters, was allotted to Sikka Infrastructure in June 2011, with a lease deed executed in August of the same year. Under the project, 1,351 residential units were sanctioned; however, only 749 units were constructed, and occupancy certificates were issued for 323 units. Despite the issuance of these certificates, not a single unit has been registered to date.
In response to the non-payment, Noida Authority CEO Lokesh M stated that the company had lost its eligibility for benefits under the state government's policy announced in December 2023, which aimed to assist stalled real estate projects. He further mentioned that the company had failed to deposit the required amount, which was approximately INR 52 crore, to avail of the benefits of a two-year zero period for the COVID-19 pandemic.
Earlier this year, the Authority took several steps to compel the developer to make the payment. On October 8, 2024, 31 flats in the project were sealed, and a final 10-day notice was issued on January 27, warning that the matter would be referred to the Economic Offences Wing (EOW). Subsequently, a formal complaint was filed with the EOW units for the recovery of dues.
Apart from the recovery process, the Authority has started the process of rescinding the building plans for the project's revalidation. This action underscores the seriousness with which the Authority is addressing the issue of non-payment and non-compliance by developers.
This development serves as a stern reminder to developers about the consequences of neglecting financial obligations and regulatory requirements. As the matter progresses, it will be crucial to observe the enforcement of legal actions and their impact on the broader real estate landscape in Noida.
Advertisement
Facebook
Whatsapp
