ATS Realty and Greenbay Infrastructure, a group company of ATS Infrastructure, has deposited Rs 130 crore with the Yamuna Expressway Industrial Development Authority (YEIDA) outstanding dues towards the purchase of a land parcel close to the upcoming Noida international airport.
The move comes as a relief to thousands of homebuyers as it will pave the way for the registry of more than 1,100 apartments in Sector 22D and also revive ATS’ township project on the Yamuna Expressway.
“ATS Realty has deposited Rs 130 crore, 25 percent of dues, to revive township project on Yamuna Expressway,” the company said on September 4.
The Yamuna Expressway Authority had stalled registries of flats and even cancelled land allotment on account of pending dues.
The amount has been paid as part of the one-time settlement scheme (OTS) of the Uttar Pradesh government introduced on the recommendations of the Amitabh Kant committee, which was set up to revive stalled projects.
In line with the committee’s recommendations, YEIDA granted the company time till August 31 to clear 25 percent of its dues and additional compensation to farmers.
“The Amitabh Kant committee report significantly helps the sector as it will kick-start many stalled projects. The COVID-19 overhang is now behind us. Work has already started on various projects, and the aim is to complete them as soon as possible,” ATS Group Chairman Getamber Anand said.
Farmers in Noida and other parts of the National Capital Region have often accused developers of underpaying them for their land and making huge profits by selling apartments and other commercial establishments.
ATS has already developed a group housing complex of 1,145 flats on 8.5 acres in the same township and has handed over the project to homebuyers, the company said.
In the UP government’s rehabilitation package or OTS scheme, the developers have to initially pay 25 percent of the total amount after deducting penal interests to be eligible for the registry of apartments in their projects, officials said.
As part of the rehabilitation package, the authority has the mandate to cancel the allotment of defaulting builders not opt for the package to clear the dues.
Homebuyers across NCR have been plagued by years of delay and have been forced to move court to get their apartments, burdened by rents as well as EMIs.
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