by THO
Three realty firms, ATS, Logix and Greenbay, have agreed to pay their dues and obtain permission for executing registries of apartments in Yamuna authority’s jurisdiction so as to provide relief to at least 4,000 homebuyers who have been awaiting flat registries in their names.
These three project promoters have discussed issues with the Yamuna Expressway Industrial Development Authority (Yeida) and assured officials that they will soon pay at least 25% of the total land cost dues, under the state’s new realty policy to revive stuck projects, to become eligible for the apartment registries.
Also Read: Construction work to continue in ATS Knightsbridge project :NCLAT
These developers will seek rebate on penal interests imposed on land cost dues for the two years of Covid-19 when construction was affected and developers witnessed a slump in business.
A realtor needs to pay 25% of dues, after deductions, and the remaining over a period of three years.
“The authority has informed realtors of the dues that they need to pay. Once they pay that, the authority will issue permission for registry,” said Arun Vir Singh, chief executive officer, Yeida.
Also Read: 7 things real estate investors should keep in mind before buying property in Greater Noida and Noida
These three realtors have townships — each spread on 100 acres along Yamuna Expressway near the Formula One circuit and Jaypee Sports City project. With Noida airport in Jewar, also along the Yamuna Expressway, expected to become operational by the end of 2024, realtors are hopeful of making a windfall.
“We have given our consent to take benefit of the UP government policy meant for stalled legacy housing projects. We will pay around ₹100 crore, which is 25% of the total dues. All three project promoters gave consent. The move will benefit this region,” said Getambar Anand, former national president, Confederation of Real Estate Developers Association of India, and promoter of ATS Group.
ATS Realty, which was allotted a 100-acre plot in June 2013, has stated that around 38 acres are still occupied and cultivated by farmers. The company has offered to pay ₹53.5 crore as additional compensation to farmers for gaining physical possession of the remaining land.
ATS has proposed to deposit 25% of the total plot cost of ₹372.73 crore in three instalments within 60 days of the layout/map approval.
Also Read: 5 things homebuyers should know about UP govt’s nod to Amitabh Kant panel’s proposals
Regarding the lease rent of ₹32.55 crore, ATS has requested permission to pay the amount in 10 half-yearly instalments, Yeida officials said.
In total, ATS is prepared to pay around ₹100 crore towards the ATS Allure township project, which has 1,800 homebuyers.
Builder Logix, which was allotted 100 acres for a township in Sector 22 in May 2011, has requested an extension until May 30 to pay ₹61 crore to Yeida out of its total dues of ₹300 crore. The project has over 750 homebuyers, Yeida said.
Greenbay Infrastructure, allotted 100 acres of land in Sector 22D, has already paid over ₹40 crore in dues and is willing to pay the remaining amount soon. Their project has 1,400 homebuyers. The developer has requested the authority to grant a zero period for the land encroached upon by farmers over which cases are pending in the high court. The farmers are currently using the land for farming activities, the realtor said.
