Noida: Noida Authority has decided to take back ownership of two land parcels given in 2010 to the Logix group, officials said, it has not been able to recover RS ​​1,384 crore contributions.
Plot – in sector 105 (seven hectares) and 124 (nine hectares) – has been transferred to the subsidiary of Logix in June 2010 and December 2010.
This group will develop retail units and office space in sector 105 and have similar plans for sector 124 with a number of housing suites.
Officials said the group failed to pay its installments along with compound interest in the Noida authorities.
For the 124 sector plot, the Noida Authority claimed its contribution of Rs 796 Crore while for the 105 sector plot, it has not received Rs 588 Crore.
Kumar Sanjay, officers about special assignments in Noida authorities who head the commercial division, said Subsidiary Logix Group was given a lot of time to come to the table and pay contributions.
“But we decided to cancel the allotment because we did not get a concrete response from them,” he said.
Both plots are located close to Noida-Greater Noida Expressway.
There is no construction work that occurs on the site.
Toi contacted Vikram Nath, a Logix group director, but he refused to comment.
The decision to cancel the allotment carried out in the Logix group is the latest in a series of similar actions taken by Noida this year.
Over the past few months, Noida’s authority has opposed more than 22 allottes because of its claimed contributions from Rs 7,500 Crore.
The biggest of this is in April when the main commercial land sector 32 was taken back from the wave group.
Noida’s authority has also issued a certificate of recovery to four other companies, including the SuperTech Group (RS 27 Crore).
Three other companies are MMR Saha Infrastructure Pvt Ltd for the land allocated in sector 52 where Noida claims it must recover RS ​​869 Crore, Granite Hills Properties Ltd.
for properties in Sector 98 (RS 350 Crore) and ET Infra Developer Pvt Ltd.
for the plot on Sector 16 (RS 63 Crore).