Noida Authority revokes Housing Plot in Sector 143 for 'Uncleared Dues'

The move came after the real estate firm, Docile Buildtech Private Limited, a subsidiary of Logix Group, failed to clear land cost dues of Rs. 130 crores.

A group housing plot measuring 13,961 square meters in Sector 143 has been revoked by the Noida government on Thursday.

Docile Buildtech Private Limited, a real estate firm, failed to pay off land cost dues of Rs. 130 crores despite numerous warnings. The authority has begun the process of acquiring the group housing land parcel, and officials have indicated that they will re-issue the land to a new developer with the intention of recovering its income.

The allotment of this group housing plot has been revoked, and the real estate firm has failed to pay its dues of Rs.130 crore, despite the authorities delivering notices. The authority began taking over the land after the firm failed to reply to our notices and showed no interest in paying the dues. Docile Buildtech is a division of Logix Group, according to Lokesh M, president of the Noida authority.

A total of 100,090 square meters of land for a group housing project in Sector 143 was allotted by the authority in 2011 by the authority.

The Noida authority sold 13,961 square meters of the 100,090 square meters group housing land to Docile Buildtech on November 18, 2017.

If we calculate the value of these 13,961 square meters group housing plot at the prevailing market rate, then it may be worth Rs. 450 crores. Our dues and additional revenue can be recovered once we take possession of this plot and resell it, said by Vandana Tripathi, additional chief executive officer, Noida authority.