NOIDA: According to the notifications of Noida Authority to developers, some builders involved in the Noida Sports City projects have initiated payments to erase their excellent contribution. In particular, a consortium partner in the 150 Sports City project sector led by Lotus Green Constructions has deposited RS 80 Crore.
Officials said that various other consortium partners in the sector 150 Sports City project have expressed the willingness to pay and will probably follow soon. In March, the Authority had issued notifications that developers instruct to arrange subsequent contribution within a month, in accordance with an order of the Supreme Court that was issued in February in February.
This contribution includes pending premiums, interest on premiums, penalty vessels, rental rental, time extension costs and the 64.7% extra compensation amount. An officer said that 62 bills were issued to various developers in the four sports city projects in the city. These projects jointly owe RS 11,000 crore in contribution to the authority.
While the projects were originally awarded to four main developers, they later subdivided the suddenly and subdivided them to their consortium partners. In a series of judgments on 24 February this year, the Allahabad High Court assigned the authority to give notifications to all stakeholders who demanded the payment of outstanding rights, including interest and fines. It warned that the failure would result in the automatic cancellation of allocations.
The Supreme Court has revealed what it described as a “dirty Nexus” between real estate developers and Noida Authority officials and had the Supreme Court of the Central Bureau of Investigation (CBI) and the Directorate Directorate (ED) cited in three of the four sports city projects, who are massive financial and planning.
A division bench consisting of Justices Mahesh Chandra Tripathi and Prashant Kumar have passed 10 separate judgments with details about violations of land use standards, embezzlement of public country, financial mismanagement and a systematic failure to construct the promised sports infrastructure.
In response, many developers approached the Supreme Court and disputed the judgment of the Supreme Court. Although the APEX court does not have the CBI and ED investigations, it prevented the agencies to take provisional coercive measures against the developers. The following hearings are planned for the first week of August.
In order to supervise compliance, the Authority formed a committee, led by an extra CEO, to strive for recovery, to maintain agents mandated by the court and to control the development of the sports infrastructure. The court’s investigation is aimed at sports city projects in sectors 78, 79 and 101, developed by Xanadu Estate, and two large projects in sector 150, developed by Logix Infra developers and Lotus Greens Constructions. The fourth project is led by ATS Homes in sector 152.
Developers appeared to have violated the project standards by giving priority to residential and commercial development over the mandatory sports facilities, which were supposed to occupy 70% of the allocated country. The Xanadu and Logix projects are currently under insolvency procedure, which criticized the court as strategic attempts to avoid obligations.
For the first time conceptualized in 2004 and launched between 2010 and 2016, the Sports City projects were planned for 798 hectares in Noida, promising sports infrastructure of world class, including three golf courses and an international cricket stadium. However, developers concentrated on residential and commercial construction instead, so that they cannot deliver the promised sports infrastructure.
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