NOIDA: A gaggle of 9 realtors on Tuesday submitted a proposal to the Noida authority to develop sports activities amenities in Sector 79. This comes after the authority refused to permit house registry if builders don’t develop sports activities amenities as promised in realty initiatives, for which housing land was allotted in 2011.
The builders have fashioned a consortium after the authority issued a ban on plot sale and lease permission, and stopped registry and issuance of occupancy certificates after it realised that the realtors didn’t develop the required sports activities amenities – which have been to come back up on 70% of the land – and solely constructed flats – for which 30% of the land was marked.
These 9 builders have developed a complete of about 5,500 residences throughout the ten initiatives beneath them on group housing land that was allotted within the title of ‘Sports activities Metropolis’.
The 9 builders had established a consortium– Sports activities Metropolis Growth Non-public Restricted – in February 2021 after holding a number of rounds of conferences with senior authority officers.
The consortium has supplied to develop a golf course, cricket stadium, playfield, swimming centre, and tennis courts within the sector. The 9 builders will pool in cash as per the proportion of their plots and the format of the Sports activities Metropolis that was finalised by the authority in 2011.
In October 2011, the authority had handed over about 180 acres of land in Sector 79 to the now 3C actual property group. Sports activities facilities value ₹410 crore needed to be developed.
The 3C group sub-leased the plot to totally different builders over time who established about one dozen initiatives with a listing of 11,000 models. Amongst them, 5,500 models are full or are in numerous phases of building.
“We submitted our proposal to the chief government officer (CEO) of the Noida authority on Tuesday. We’ll meet authority officers for additional discussions on the matter this week,” mentioned founder and managing director of the Civitech group, Subodh Goel, who’s main the consortium.
The consortium has not talked about the price range it will put aside at this stage and has sought specs and measurements of the sports activities amenities which can be to be developed. “The authority will resolve what number of amenities are wanted out of those that have been proposed initially, in addition to their dimension. What requirements are to be supplied to customers could be determined by consultants of the sphere and solely then can we get the estimated price,” added Goel.
Earlier than handing over land to the consortium, the authority will both should cancel the allotment to the 3C group or search the group’s consensus in writing. A number of group corporations and subsidiaries of the 3C group are already going through insolvency proceedings.
Ritu Maheshwari, the CEO of the authority, mentioned that the proposal is being reviewed by the involved workforce.