Please rotate your device!

We don't support landscape mode yet. Please go back to portrait mode for the best experience


March 25, 2023

GNIDA issues RCs worth over Rs 23 crore against two builders over dues


The Greater Noida Industrial Development Authority issued recovery certificates totaling Rs 23.39 crore on Wednesday against two real estate developers for non-payment of dues dating back a decade, officials said. GNIDA CEO Ritu Maheshwari stated that those who have not paid their bills will face severe consequences.

Any land allottee will not be spared if they do not complete the project for which they were given the land or do not pay their dues to the authority. The action will range from issuing recovery certificates (RCs) to cancelling land allotments, according to an official statement, Maheshwari stated.

The Greater Noida Industrial Development Authority (GNIDA) issued RCs worth Rs 23.39 crore against developers Assotech Realty and AVJ Homes, according to Additional CEO Aditi Singh.

“In 2005, Assotech Realty was granted a plot of approximately 29,623 square metres in Sector Zeta One (Number GH-10). The builder has completed the project but has not yet paid the GNIDA dues in full. The builder has not paid since 2012 and owes approximately Rs 13.39 crore in premium and additional compensation "Singh stated.

"AVJ Developers has been served with the second RC. In 2009, AVJ Developers was also given a plot of approximately 4,473 square metres in Sector Beta II (No 90). Approximately Rs 10 crore is owed for the premium on this plot. Since 2013, the builder has not made any payments "According to the ACEO.

She stated that despite several notices, the GNIDA was forced to take this action due to nonpayment of dues.

Both RCs have been sent to the Collector for debt recovery, she added.


Read next

Mutual fund vs real estate

TopPropMart - Feb 18

How Does Inflation Impact Real Estate Investors and Landlords?

TopPropMart - Jan 29

Average flat size increases by 11% in 2023 as demand for larger homes rises.

TopPropMart - Jan 29