Unitech loses property in Noida over Rs 1,203 crore dues

NEW DELHI: The Noida Authority on Wednesday said it has cancelled the allotment of a group housing property to crisis-hit realtor Unitech over non-payment of dues worth Rs 1,203 crore.nnThe property concerned is located in Sector 113 where the real estate group had also come up with 17 towers without getting the map cleared by the authority, in violation of the Noida Building Regulation, 2010, it said.nn”The allotment was cancelled on October 21 on instructions of Noida Authority CEO Ritu Maheshwari who has directed officials to reclaim possession of the property within 15 days,” the authority said in a statement.nn”The non-payment of dues includes those accruing from EMIs, interest, lease rent, construction delay by Unitech worth Rs 1,203 crore,” it added.nn”The allottee (Unitech) was served a notice on August 24 and multiple other notices prior to that, in which it was asked to clear the pending dues. It could not present any satisfactory explanation within the stipulated time limit and hence the action,” the authority said.nnThe group is also accused of trying to have an agreement to sell 19,181.50 sq metre of land to M/s Sethi Residents and M/s GMA Developers, making them third-party, without seeking the authority’s permission.nn”This was done in violation of the lease law,” the authority had said earlier.nnUnitech representatives could not be contacted immediately for a response.nnSource: Press Trust of India