Greater Noida Seals Grand Omaxe, Urges Quick Dues Settlement
The Noida Authority has taken decisive action against Omaxe Buildhome’s Grand Omaxe housing society in Sector 93B due to non-payment of substantial dues amounting to ₹457.8 crore. The developer failed to pay the required 25% of recalculated dues, approximately ₹114.4 crore, even after availing the relief package offered by the Uttar Pradesh government, which provided a two-year zero-period relief from April 2020 to March 2022, exempting developers from interest and penalties due to Covid-related disruptions.
The Noida Authority’s move to seal the property is part of a broader crackdown on defaulting developers who have not complied with the terms of the relief package. This package was based on recommendations from the Amitabh Kant committee and aimed to help stalled housing projects recover. Despite multiple notices, Omaxe Buildhome did not meet the payment requirements, prompting the authority to seal unsold flats and vacant land within the Grand Omaxe project.
This action affects approximately 500 apartment owners in the Grand Omaxe complex, who have been unable to register their properties due to the developer’s failure to clear dues. The Noida Authority is contemplating lodging complaints with the Economic Offences Wing (EOW) against developers who have misappropriated funds obtained from homebuyers.
Moreover, the Greater Noida Authority is pressing developers to accelerate the registration process and settle any outstanding dues. Out of 98 defaulter projects, 13 builders have deposited the full outstanding amount, while 58 have paid 25% of their dues. Builders have been given a six-month window to complete registrations without incurring late fees, failing which their land allotments may be canceled.
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