ATS & Supertech fails to pay dues, YEIDA soon to terminate their Land portions!

As the ATS Realty and Supertech Township Project recurrently delayed on payment of land costs due to the YEIDA – Yamuna Expressway Industrial Development Authority, the authority is preparing to cancel the land allotments partially of the two real estate companies, officials subjected to this matter informed.

In the year 2013, YEIDA allocated 100 acre land parcels in sector 22D to the realty companies that were expected to augment their realty projects there. Meanwhile ATS has constructed and delivered the Allure township project including 1,800 residential units and it requires to pay Rs. 668 crore in dues in Yeida, Similarly Supertech has delayed to pay Rs. 677 crore to the authority.

Yeida has firmed to cancel the land allocations partly after the two realty companies failed to create payments after determining for refunds in the interest rates under the amnesty policy of state government for blocked projects where the realtor can pay 25 percent of the total fees disclosed, after availing of losses on interest for the two years of Covid-19. Over the period of one to three years, the realtor can pay the 75 percent of the pending amount.

Regarding this, Arun Vir Singh, Chief Executive Officer, Yeida says, “We served these two firms notices and told them to take rebates and pay the dues to retain the allotment. But they still have not turned up for making the payment. Therefore, we will move a proposal in the upcoming board meeting on June 22 to partially cancel their allotments. Now the board will decide the fate of the allotments”.

But ATS Group Chairman Getambar Anand states, “We sought a time extension till May 30 and we agreed to pay ₹93.9 crore upfront. At least 180,000 square metres of land allotted to us is still occupied and cultivated by farmers. We offered to pay ₹53.5 crore as 64.7% additional compensation to farmers in exchange for physical possession of the land. We proposed to deposit 25% of the total plot cost of ₹372.7 crore in three instalments within 60 days of the layout/map approval. We hope our issues will be resolved”.