YEIDA Plans to cancel allotted lands for ATS and Supertech

YEIDA (Yamuna Expressway Industrial Development Authority) plans to partially cancel land allotments for builders ATS Realty and Supertech Township Project Limited due to their repeated non-payment of dues. ATS Realty owes 668 crore for its Sector 22D project, while Supertech owes 677 crore. The authority had offered payment rebates under a state government amnesty policy for stalled projects, but both firms failed to pay up despite the incentives.

Arun Vir Singh, CEO of YEIDA, stated that notices were served to the firms to pay a reduced amount upfront to retain their allotments, but they still need to comply. The decision to cancel allotments will be proposed at YEIDA's upcoming board meeting on June 22.

ATS Realty was eligible for significant waivers under the policy but needed to meet the payment deadline. Supertech also received waivers but must pay the required amount by April 28. They mentioned land possession issues with farmers as a reason for the delay.

However, Supertech's chairman claimed YEIDA could not cancel the allotment due to a court directive on disputed land. YEIDA's move could face legal challenges if it proceeds with the cancellation despite the ongoing issues. The fate of these projects now hangs in the balance pending YEIDA's board decision, affecting thousands of homebuyers who invested in them.