GNIDA Issues Recovery Certificates Against Two Real Estate Developers in Greater

In recent news, two real estate developers in Greater Noida have been issued recovery certificates worth a whopping Rs 23.39 crore by the Greater Noida Industrial Development Authority (GNIDA) on Wednesday.

According to officials, the dues have been pending for over a decade now, and strict action will be taken against anyone who fails to clear the dues, including cancellation of land allotments.

The GNIDA CEO, Ritu Maheshwari, has asserted that any allottee of land will not be spared if they fail to complete their projects or clear their dues towards the authority. She further stated that the action will range from issuing of recovery certificates to cancellation of land allotments, and there will be no compromise on the same.

The Additional CEO, Aditi Singh, confirmed that the recovery certificates worth Rs 23.39 crore have been issued against developers Assotech Realty and AVJ Homes. She elaborated that Assotech Realty was allotted a plot of about 29,623 square meters in Sector Zeta One in 2005 (No. GH-10). While the builder has completed the project, they have not yet deposited the dues of GNIDA in full. The builder has not made payments since 2012 and owes around Rs 13.39 crore as premium and additional compensation.

On the other hand, the second RC has been issued against AVJ Developers, who were allotted a plot of about 4,473 square meters in Sector Beta II in 2009 (No. 90). The developer has outstanding dues worth Rs 10 crore towards the premium on this plot, and the builder has not made any payments since 2013.

Despite several notices being issued by the GNIDA, the dues have remained unpaid for a decade, which forced the authority to take strict action against these developers. Both the RCs have now been sent to the Collector for recovery of dues, as per officials. It remains to be seen how the developers respond to these recovery certificates and whether they will make the payments or face further action from the authorities.

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