Noida authority demand commercial plot allotment termination

Two commercial site allotments that were terminated due to suspected condition violations and non-competitive pricing have been the subject of a complaint from the Noida Authority to the Uttar Pradesh government. Following a complaint that the realtors who were given the land were not authorised, the state government revoked the allotments to Lavish Buildmart and Skyline Propcon, companies of the Gurgaon-based real estate business M3M, on May 10. Through a commercial plot plan, Lavish Buildmart was given a Rs 8.27 billion plot in Sector 94 in November 2022, while Skyline Propcon was given a Rs 1.76 billion plot in Sector 72 in February of the previous year. Earlier this week, the UP additional chief secretary, Manoj Kumar Singh, who is also the chairman of the Noida Authority, asked the industrial authority to submit a comprehensive report after M3M submitted a representation before the government seeking the allotted land parcels to be restored. In the letter to the UP government, the developer expressed their dismay over the cancellation of the land allotment without hearing their side. After registering the land parcels last year and obtaining other approvals, M3M announced luxurious commercial and residential projects in Sectors 94 and 72. The cancellation of the land allotment left hundreds of investors and property buyers worried. Sunil Julka, a homebuyer who invested Rs 00.1 billion in The Cullinan, said that he had invested in the project in March after thoroughly checking the property's background, as the land was allotted by the Authority and had UP-RERA registration. He mentioned that he had bought the flat after selling his plotted house and was currently living in a rented apartment. Saurabh Gupta, who invested over Rs 00.1 billion in the project, asked if homebuyers could not trust government allotments and whom they could believe. He expressed hope that the government would reconsider its order, keeping homebuyers in mind. The cancellation order, issued by Anil Kumar Sagar, principal secretary (UP industrial development department), stated that in both cases, the bid quotes were increased by only Rs 5 lakh over the reserve price. Although there is a provision to consider a single bid after extending the tender date twice by the authority, the aim of any tender is to get a competitive rate, which is not the case here.