Ansal, Omaxe, Eldeco Seek To Surrender Greater Noida Plots
Ansal API, Omaxe and Eldeco, all Delhi-based developers, want to excuse themselves out of committed housing projects in Greater Noida.
All three have sought permission of the Greater Noida Industrial Development Authority to surrender the land won a couple of years ago through competitive bidding.
"We are studying their requests. Our board will take the final decision on this," Lalit Srivastava, chairman of the authority, told Financial Chronicle. He did not commit on the time needed to arrive at a decision.
Ansal took 48.27 acres in Sector Eta, where it proposed a group housing project called Celebrity Greens. Omaxe has 50 acres in Sector Mu for a project named Palm Green. Eldeco has a 32-acre in Sector Omicron.
Ansal got land at Rs 13,750 per sq metre, Omaxe Rs 12,250 and Eldeco Rs 16,352. At these rates Ansals were to pay the authority Rs 268.5 crore, Omaxe Rs 247.8 crore and Eldeco Rs 211.7 crore.
Neither Ansal nor Omaxe admitted to having offered to surrender their plots. Eldeco did not respond to FC calls.
Anil Kumar, CEO of Ansal API, said, "We are not surrendering our plot but have requested the authority to hand over a portion of land in proportion to payments we have made so far."
He claimed the amount already paid was Rs 132 crore. Rationalising the request, he said it made more business sense to have a smaller group housing project in that location.
Omaxe said it had sought only half the land allotted. The conmpany's spokesperson refused to say how much money had already been paid to the authority.
The developers are making good use of a recent Uttra Pradesh policy that allows a developer to either get its payment plan rescheduled or surrender a plot.
In case of surrender, he will forfeit 10 per cent of the money already paid but get land of a value equivalent to the money already paid.
Earlier this year the Faridabad-based developer BPTP sought to surrender a 95-acre plot, worth Rs 5,006 crore, in Noida. The company ultimately settled for 21 acres and a forfeiture of Rs 123 crore.
Source: Mydigitalfc.com
All three have sought permission of the Greater Noida Industrial Development Authority to surrender the land won a couple of years ago through competitive bidding.
"We are studying their requests. Our board will take the final decision on this," Lalit Srivastava, chairman of the authority, told Financial Chronicle. He did not commit on the time needed to arrive at a decision.
Ansal took 48.27 acres in Sector Eta, where it proposed a group housing project called Celebrity Greens. Omaxe has 50 acres in Sector Mu for a project named Palm Green. Eldeco has a 32-acre in Sector Omicron.
Ansal got land at Rs 13,750 per sq metre, Omaxe Rs 12,250 and Eldeco Rs 16,352. At these rates Ansals were to pay the authority Rs 268.5 crore, Omaxe Rs 247.8 crore and Eldeco Rs 211.7 crore.
Neither Ansal nor Omaxe admitted to having offered to surrender their plots. Eldeco did not respond to FC calls.
Anil Kumar, CEO of Ansal API, said, "We are not surrendering our plot but have requested the authority to hand over a portion of land in proportion to payments we have made so far."
He claimed the amount already paid was Rs 132 crore. Rationalising the request, he said it made more business sense to have a smaller group housing project in that location.
Omaxe said it had sought only half the land allotted. The conmpany's spokesperson refused to say how much money had already been paid to the authority.
The developers are making good use of a recent Uttra Pradesh policy that allows a developer to either get its payment plan rescheduled or surrender a plot.
In case of surrender, he will forfeit 10 per cent of the money already paid but get land of a value equivalent to the money already paid.
Earlier this year the Faridabad-based developer BPTP sought to surrender a 95-acre plot, worth Rs 5,006 crore, in Noida. The company ultimately settled for 21 acres and a forfeiture of Rs 123 crore.
Source: Mydigitalfc.com