Noida Authority Seals Meghdutam Properties Over Rs. 55 crore Dues

The Noida Authority has intensified its efforts to recover over Rs. 55 crore in dues from TGB Infrastructure, the developer of the Meghdutam housing project in Sector 50. The Authority recently sealed two unsold flats and a commercial shop within the project as part of its recovery strategy. 

Furthermore, it has initiated the process of approaching the district magistrate to recover the outstanding amount as land revenue.

This action follows a series of notices issued to the company last year, including cancellation notices in May, July, and August. 

The Meghdutam project, comprising 173 units spread across 12,750 sqm, has been under scrutiny due to TGB Infrastructure's persistent failure to meet its financial obligations. A liability notice was initially posted at the society's gate in May, followed by a final warning in October, which threatened referral to the Economic Offences Wing.

The developer's dues, initially higher, were revised to Rs. 44 crore after a two-year zero-period waiver under a state government rehabilitation package. However, TGB Infrastructure was required to pay Rs. 11 crore, representing 25% of the revised amount, as an advance for property registrations, a condition that remains unmet.

This sealing order comes after the Allahabad High Court recently directed the Noida Authority to facilitate property registrations for homebuyers in the Meghdutam project. The court's ruling followed a petition filed by 19 residents who had made full payments for their units but were unable to obtain ownership documents. 

The court criticized the Authority's recovery efforts and highlighted the involvement of TGB Infrastructure's Director, Anil Kumar Saha, in numerous other real estate firms, suggesting multiple avenues for recovering the dues.