FCC

Noida Authority Cancels Land Allotted to Logix's Subsidiary Over Rs 1.3 Bn Dues

2024-12-10

Noida Authority has canceled the allotment of nearly 14,000 square meters of land to Docile Buildtech Pvt Ltd, a subsidiary of Logix Group, due to the company’s failure to pay outstanding dues of Rs 130 crore. The plot, located in Sector 143, has remained undeveloped for six years since its allocation, and the authority sealed the land after Docile Buildtech ignored multiple notices.

In 2011, Logix Developers received an allotment of 1 lakh square meters for a group housing project in Sector 143. Part of this land was later subdivided and registered under Docile Buildtech in October 2018.

"Despite repeated notices, the company failed to pay the dues. A final notice was issued on October 22, but it went unanswered, leading to the cancellation of the 13,961 square meter allotment and termination of registration," said Noida Authority CEO Lokesh M.

Officials confirmed a case has been filed against Docile Buildtech in the National Company Law Tribunal (NCLT), though insolvency proceedings have not yet begun. The initial allotment in 2011 was priced at Rs 23,550 per square meter, totaling Rs 32 crore. Docile Buildtech paid Rs 3.2 crore but did not make further payments. The outstanding dues, including penalties, have now reached Rs 130 crore, while the land’s current market value is estimated at Rs 450 crore.

The Noida Authority plans to reallocate the plot to a new developer to recover the outstanding revenue.