Noida Authority seals Amrapali property in Sector 62
August 19, 2017The Noida Authority has canceled the lease deed of a property linked to the real estate developer Amrapali Group. It has also sealed the premises and took over its possession. Ten days before the Authority issued a show-cause notice to the plot owner Ms. Navodaya Properties Private Limited, when the property was put out for online auction by Corporation bank. The bank holds Rs. 9.10 crore mortgage on it. The Authority asserted that since the property was on leasehold both the allottee and the bank were duty bound to seek its permission before holding the e-auction on August 18. Authority claimed that the bank had no right to auction the property.
Bank officials said that they are seeking legal opinion in this matter as they have to recover more than 9.10 crore.
On March 21, 2007, the plot in question, plot No. 37, Block C-56, Sector 62 was transferred to Navodaya Properties for its corporate office. This plot houses the corporate building of Navodaya’s parent concern, Amrapali Group. On February 14, 2011, Amrapali Group put the property on the mortgage to Corporation Bank in the name of Ultra Home Construction Private Limited.
The sealing of the property will not help home buyers in any way. The authority has sealed the property so that they are able to recover their money.