Noida, 13th August 2018: As per the latest real estate news Noida, the well-known builder Subhkamna Buildtech is alleged of not clearing a payment of INR. 78.23 Crores to the Noida Authority and received a recovery notice from the officials. This recovery notice has been issued under Section 12 of Uttar Pradesh Industrial Act 197 and Section 40 of Uttar Pradesh Urban and Planning Act 1973.
The said amount is to be paid against one of their under construction property in Plot Number – GH-5B, Sector – 137, started in 2011. According to the Noida property news, the builders promised their 700 homebuyers to give possession by 2015 but they failed miserably. Till date, only 40% of the project has been completed which left the buyers in the breeze.
Many of the homebuyers are filing complaints to the Noida Authority against Subhkamna Buildtech and the chief builder of this company, Mr. Piyush Tiwari. The buyers want them to take action against the builders as almost 3 years passed since the promised possession date but, the buyers haven’t heard anything from the builder so far.
On 26th February 2018, Noida Authority sent Letter Number 786 to the builders that instructed them to recover the dues payable amount of INR. 67.13 Crores. The builders didn’t respond to the letter and also stopped answering calls from the officials. As of 2018, the payable amount of INR. 67.13 Crores reaches INR. 78.23 Crores along with interest. The due amount recovery notice has been issued to Santosh Kumar, the District Collector of UP.
After getting this notice, nor the organization neither Piyush Tiwari is communicating back. The calls and text messages to their landline numbers and Piyush Tiwari’s personal number are going unanswered. This recovery notice sent through the district magistrate is considered as the first major one issued by the Noida Authority in 2018.
Author: Somdeepa Bhattacharjee
Somdeepa Bhattacharjee has a total experience of five years in the Content Editorial, Online Community and Internet Marketing domains. As a part of the content team of a3solutions.in, she develops research-oriented stories and News Articles on recent market trends. She has a proven strong analytical skill in her Articles which help readers to understand real time scenario of Realty Market. In her free time, Somdeepa engages in Blogging, Trekking, Reading Classics and Photography. She really fond of Entrepreneurship, Travelling and Foods.