Supertech and ATS owe YEIDA ₹1.3k crore in land dues, ET RealEstate

June 19, 2024
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<p>Representative Image</p>
Representative Image

NOIDA: Yamuna Expressway Industrial Development Authority (YEIDA) is set to put forth a proposal to partially cancel land allotments to ATS Realty and Supertech Township Project Ltd, which are yet to clear dues amounting to around Rs 1,300 crore in total.

Officials said the two companies were handed 100 acres each for developing townships in Sector 22D off the Yamuna Expressway.

ATS Realty, which has constructed Allure on much of the land, has outstanding dues of Rs 668 crore. The housing society has around 1,800 residents. Supertech, which is building Golf Country involving 3,200 buyers, owes Rs 677 crore to YEIDA.

Arun Vir Singh, the YEIDA CEO, said none of the two companies came forward to accept the state govt’s rehab package despite notices.

“They were informed about their revised dues after applying the zero-period waiver on penal interest incurred during two years of the pandemic. The proposal to partially cancel land allotments will be presented at the Authority’s board meeting on June 22. Other than the land where residential projects have come up, the allotment for the remaining portion will be cancelled,” Singh added.

According to YEIDA’s data, ATS Realty was allotted 101 acres in June 2013. Had it accepted the rehab package, the builder would have got a relief of Rs 136.8 crore, which would have reduced its total land dues to Rs 531.4 crore. But the developer did not come forward to deposit 25% of the recalculated dues by April 28, the deadline offered to it.

Last month, ATS wrote to YEIDA and sought an extension till May 30, but also agreed to pay Rs 93.9 crore upfront. The developer said 38 acres were still occupied by farmers and it offered to pay them Rs 53.5 crore as additional compensation.

ATS also proposed to deposit 25% of the total occupied land cost of Rs 372.7 crore in three installments within 60 days of the map approval.

An ATS spokesperson said they had cleared a substantial part of their dues. “We want the remaining land handed over to us and the layout approved too,” he added.

Similarly, Supertech would have got a relief of Rs 128.7 crore had it opted for the govt deal. The builder was supposed to pay Rs 137.3 crore as 25% of the net dues. However, the company did not deposit the money.

Supertech chairperson RK Arora said YEIDA could not cancel the land allotment, citing an Allahabad high court ruling that asked the Authority not to take any coercive action against the company as the land is in dispute. “If YEIDA still goes ahead, it will be illegal,” he added.

There are nine builder projects in the YEIDA area, of which three have deposited 25% of their recalculated dues. Greenbay Infrastructure has paid an advance of Rs 110 crore of the total Rs 441.2 crore dues, Omnis Developers has deposited Rs 9.5 crore of the Rs 38.1 crore while Logix Buildstate has cleared Rs 62 crore of the dues of Rs 248 crore.

  • Published On Jun 19, 2024 at 08:39 AM IST

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