Noida Authority Orders Attachment of AMG Group Properties Over Dues

In a significant move to address the long-standing issue of delayed real estate projects in Noida, the Noida Authority has taken decisive action against Aims Max Gardenia AMG, a realty group, for its outstanding dues amounting to Rs 2,409.77 crore. This step is part of a broader initiative to ensure the timely registry of flats and alleviate the distress of homebuyers.

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The authority's stringent measures include the attachment of properties belonging to the group, which has been a major player in the city's real estate sector. The dues are related to two land allotments in sectors 75 and 46, with pending amounts of Rs 1,717.29 crore and Rs 692.48 crore respectively, as of December 31, 2023.

Aims Max Gardenia Pvt Ltd and Gardenia Aims Developers Private Limited, both part of the AMG group, were allocated these plots for group housing projects. However, discrepancies have arisen regarding the total dues, with the group contesting the authority's claims and stating a readiness to settle part of the dues as per recommendations from a government-appointed committee.

The Uttar Pradesh government had earlier outlined a policy to resolve issues surrounding legacy stalled housing projects. This included allowing builders to clear their dues by paying 25% of the total amount owed, facilitating the registry of flats for buyers. The deadline for availing this relief was set until December 2023.

Following this deadline, the Noida Authority announced that full dues along with interest would now be required. As part of its recovery strategy, it has decided to cancel the lease of a significant commercial plot in Sector-75 and auction it alongside sealed flats in Sector-46 to recover the outstanding amounts.

This action aims not only at recovering dues but also ensuring that the 3,379 flat buyers affected by these stalled projects can finally have their properties registered. The authority's CEO, Lokesh M., emphasized that identifying such builders and facilitating registries is crucial for resolving homebuyers' woes.

On its part, AIMS Max Gardenia expressed its intention to comply with the state government's policy by depositing 25% of what it considers the actual amount due based on the Amitabh Kant committee's recommendations. The group also highlighted that legal proceedings regarding the disputed amounts are ongoing.

The issue of pending registries and delayed possession has been a persistent problem in Noida and Greater Noida. The state government's efforts, supported by recommendations from central government panels, aim at providing much-needed relief to affected homebuyers and restoring confidence in the region's real estate market.