Noida Authority Cracks Down on Real Estate Giants Amid Huge Dues

The Noida Authority has issued notices to real estate developers such as ATS, Supertech, and Logix, demanding proposals for resettling dues worth over Rs 8,510.69 crore. Developers have 15 days to respond, following a UP government order addressing legacy stalled real estate projects and homebuyers' distress.

The Noida Authority has taken decisive action against major real estate developers, including ATS, Supertech, and Logix, by serving notices demanding their proposal for resettling dues worth hundreds of crores. Officials disclosed this on Friday.

The notices, issued on Thursday, align with a recent Uttar Pradesh government order targeting legacy stalled real estate projects. This order offers waivers on interest and penalties to alleviated homebuyers' distress.

According to official documents, a total of 13 developers owe over Rs 8,510.69 crore in interest and penalties to the Noida Authority. Notably, ATS, Supertech, and Logix group companies owe the highest share of this amount, totaling Rs 7,786.06 crore.