Real Estate

Real Estate Transactions

Noida authority to cancel allotment of two plots to Logix group over unpaid dues

Economic Times  

The Noida Authority has decided to take back possession of two land parcels allotted in 2010 to the Logix group for which, officials say, it hasn't been able recover dues of INR 1,384 crore. The plots – in sectors 105 (seven acres) and 124 (nine acres) – had been transferred to Logix subsidiaries in June 2010 and December 2010. The group was to develop a retail unit – mall and multiplex – and office space in Sector 105 and had similar plans for Sector 124 with a limited number of residential suites. The group failed to pay up its instalments along with compound interest to the Noida Authority. For the Sector 124 plot, the Noida Authority claims its dues amount to INR 796 crore while for the Sector 105 plot, it is yet to receive INR 588 crore.