Noida Authority mulls legal challenge over flat registration order
Real Estate

Noida Authority mulls legal challenge over flat registration order

The Noida Authority is considering challenging an order from the Allahabad High Court requiring the registration of flats in Lotus Boulevard Espacia and Lotus 300. The Authority has stated that the builders owe substantial dues, making the registrations impossible.

In separate rulings on 29 February, the HC instructed the Authority to register flats within a month and a half and initiated an ED investigation against the builders. Lokesh M, CEO of Noida Authority, expressed the intention to contest the order either by filing a review in the Allahabad HC or appealing to the Supreme Court. The Authority emphasised its obligation to recover dues for public development purposes.

An Authority's legal department officer noted that while the HC directed the ED to recover developers' dues, it remained silent on the course of action if the recovery failed.

Lotus Espacia, developed by Cloud 9 Projects, has 168 homebuyers awaiting registry. The HC instructed the Noida Authority to issue occupancy certificates, register flats within six weeks, and recover over Rs 8.7 billion in dues.

In the case of Lotus 300, the Authority was directed to issue occupancy certificates and execute registries within a month. The condominium, comprising 336 flats, has nearly 250 handed over, and the developers owe the Authority over Rs 16 billion.

The HC's order addressed the insolvency proceedings of Hacienda Project Private Limited (HPPL), the developer of Lotus 300. It specified a moratorium under the Insolvency and Bankruptcy Code, 2016, protecting HPPL from creditor proceedings but not its promoters.

Bhuwan Chaturvedi, AOA president of Lotus 300, expressed discontent over the delay in registry execution due to developer dues. The AOA has appealed to the Authority and state government, urging a resolution to favour homebuyers and plans to meet with the Chief Minister. ?

The Noida Authority is considering challenging an order from the Allahabad High Court requiring the registration of flats in Lotus Boulevard Espacia and Lotus 300. The Authority has stated that the builders owe substantial dues, making the registrations impossible. In separate rulings on 29 February, the HC instructed the Authority to register flats within a month and a half and initiated an ED investigation against the builders. Lokesh M, CEO of Noida Authority, expressed the intention to contest the order either by filing a review in the Allahabad HC or appealing to the Supreme Court. The Authority emphasised its obligation to recover dues for public development purposes. An Authority's legal department officer noted that while the HC directed the ED to recover developers' dues, it remained silent on the course of action if the recovery failed. Lotus Espacia, developed by Cloud 9 Projects, has 168 homebuyers awaiting registry. The HC instructed the Noida Authority to issue occupancy certificates, register flats within six weeks, and recover over Rs 8.7 billion in dues. In the case of Lotus 300, the Authority was directed to issue occupancy certificates and execute registries within a month. The condominium, comprising 336 flats, has nearly 250 handed over, and the developers owe the Authority over Rs 16 billion. The HC's order addressed the insolvency proceedings of Hacienda Project Private Limited (HPPL), the developer of Lotus 300. It specified a moratorium under the Insolvency and Bankruptcy Code, 2016, protecting HPPL from creditor proceedings but not its promoters. Bhuwan Chaturvedi, AOA president of Lotus 300, expressed discontent over the delay in registry execution due to developer dues. The AOA has appealed to the Authority and state government, urging a resolution to favour homebuyers and plans to meet with the Chief Minister. ?

Next Story
Infrastructure Urban

Afcons shares gain momentum with Bhopal Metro Line 2 project

Afcons Infrastructure made a quiet debut on the stock market on Monday but quickly gained momentum after emerging as the lowest bidder for the Bhopal metro project line 2 package.The Bhopal Metro Phase 1 project’s 12.915 km Blue Line (Line-2) will link Bhadbhada Chauraha and Ratnagiri Tiraha, spanning 13 elevated stations. This package, issued by the Madhya Pradesh Metro Rail Corporation (MPMRCL), involves constructing all 13 stations of the Blue Line’s viaduct. The depot will also be shared with the Orange Line (Karond Circle to AIIMS) for maintenance and stabling purposes.Afcons’ exten..

Next Story
Infrastructure Transport

Locals urge CM to opt for road bypass over flyover at Dandeavaddo

Chinchinim villagers respectfully requested Pramod Sawant, Chief Minister, to instruct the Public Works Department (PWD) and the National Highway authorities to construct a road bypass instead of a flyover on the Dandeavaddo stretch of NH66. The villagers, led by Sarpanch Frank Viegas and Velim MLA Cruz Silva, also raised the long-standing issue of building the Chinchinim Panchayat Ghar and a multi-purpose project on panchayat land that was acquired more than 15 years ago. The delegation met the Chief Minister at the St. Sebastian Chapel junction in Chinchinim as he was returning home from a..

Next Story
Infrastructure Transport

MLA Yashpal Suvarna Announces Malpe-Udupi Highway Construction from Nov 6

MLA Yashpal Suvarna instructed officials to commence work on the Malpe-Udupi Highway on Wednesday. A meeting took place, attended by MP Kota Shrinivas Poojary, Udupi MLA Yashpal Suvarna, and Kaup MLA Suresh Shetty Gurme, to discuss the National Highway 169A project, which spans from Malpe to Udupi, covering areas like Hiriyadka, Parkala, and Perdur. The project had experienced delays due to incomplete land acquisition, but compensation notices have now been issued to the landowners. Of the 214 land acquisition files, 19 pertain to government land, while 195 involve private owners. Notices ha..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000