According to official estimates, real estate developers collectively owe around Rs 44,700 crore to the development authorities in Gautam Budh Nagar. They owe almost Rs 26,000 crore to the Noida Authority.
The contractor will have to complete the demolition process of Signature View Apartment in 120 days after award of the contract. The apartment complex is yet to be fully vacated.
The Authority in an order said that despite many reminders, the promoter of Godrej Air phase 4 project failed to rectify the deficiencies in the application, including the renewal of the licence and details related to bank balance provided in quarterly progress report (QPR) and CA certificate had a mismatch.
Experts note that although south Bengaluru realty is growing, the city s east and north will continue to dominate the rental and commercial sector because of the rapidly expanding developmental projects.