Noida Authority demands EOW to inspect Logix Blossom Zest Reality project

The move comes after the authorities realized that the reality firm Logix Group had allegedly misappropriated funds collected from homebuyers.

The authority of Noida on Tuesday decided to contact the Delhi-based economic offence wing to initiate an investigation into the Logix Blossom Zest real estate project that allegedly failed to pay its financial obligations and also failed to deliver apartments to prospective buyers. However, the reality firm has denied the allegations.

The Noida authority allocated 100,080.98 square meters of land to develop the housing project along the Noida-Greater Noida Expressway on April 8, 2024. The 14th of June 2011 marked the official signing of the lease agreement for the land.

Despite repeated notices served in the past, Logix Group has not paid land cost dues. Lokesh M, chief executive officer of Noida authority, said that the realty firm did not pay the land cost dues or deliver the project to homebuyers within the fixed deadline.

Aside from this, the promoters of the Logix Group, which includes Devendra Mohan Saxena, Shakti Nath, Vikram Nath, and Meena Nath, sold the apartments to homebuyers, thereby creating third party interests on this land.

The authorities said that the promoters have used the funds collected from the homebuyers for different purposes than completing the project.

The financial interests of the authority have been affected as a result. These anomalies, including the misappropriation of funds, have prompted the authority to contact the economic offense wing of Delhi to inquire into the accounts of the real estate firm to find out where the funds have gone.