Supertech Upcountry project: YEIDA cancels allotment of 2 plots over non-payment of dues

The Yamuna Expressway Industrial Development Authority (YEIDA) has cancelled the allotment of two plots assigned to developer Supertech for non-payment of dues of Rs 86 crore.

According to YEIDA officials, these plots were allotted to the realty firm for its Upcountry Township project in Sector 17A of YEIDA. The plots are a commercial plot measuring 13,750 square metres and another for institutional use measuring 25,000 square metres.

“Supertech Upcountry project of Sector 17A has dues of Rs 86 crore in the form of pending lease rent and additional compensation to farmers. Because of these dues the authority has cancelled two plots of the builder,” a YEIDA official told Moneycontrol.

The official said that the authority would likely approach the National Company Law Tribunal (NCLT) to realise the revenue after auctioning these plots so that homebuyers of the project can be given some relief.

The company, however, claims that the termination is unlawful. “The authority cannot do such cancellation as the company is under IBC (Insolvency Bankruptcy Code),” said RK Arora, chairman, Supertech Group.

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Ashish MIshra

Principal Correspondent|Moneycontrol

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Also read: YEIDA holds draw for 477 residential plots, targets revenue of Rs 165 crore

YEIDA officials said that the action comes after a demand from homebuyers of the project as their registration was not happening and the project was also incomplete.

They had been demanding that the allotment be cancelled to realise revenue after auctioning them and start the registry of flats in the project.

12-year delay

Officials said that the project was launched in 2009-10, when YEIDA had launched its first group housing scheme, in Sector 17A. But 12 years down the line, the project is still incomplete. Homebuyers said that so far only four towers have been readied while eight towers are still under construction.

BN Gupta, joint general secretary of Supertech Upcountry Residents Welfare Association, said that much of the project is incomplete and those who have been living in the complex have not been able to get their registration done.

“The builder owed around Rs 86 crore to YEIDA due to which the authority has stopped the registry of our flats. We staged several protests and met the authority officials and appealed to them to cancel the two plots allotted to the builder to recover their dues but homebuyers should not be troubled. We hope that with this decision, homebuyers should get some relief and the registry of their flats will start,” Gupta said.

The authority should now auction these plots to recover their dues and enable the registry of flats, he added.

Also read: Delhi High Court asks Supertech to pay Rs 40 lakh to homebuyer by October end

He said that around 4,000 units in the form of flats, villas and plots were sold by Supertech in the project but only a little over 600 families have been given possession.

“We demand that YEIDA should take over the project and get it completed to give relief to thousands of homebuyers who have been suffering for over 12 years. The authority should also start the registry of our flats,” Gupta said.

Also read: What should Supertech homebuyers who have filed cases with RERA do?