file photo NoidaFollowing the instructions of: Supreme CourtRegistration for flats lotus 300 The process ended for 16 out of 100 home buyers in the first phase, which began on Thursday.
The Supreme Court on September 27 upheld an order of the Allahabad High Court and directed Noida Authority To proceed with registries in Sector 107 Society irrespective of the pending land dues by the developer.
With this decision, the decade-long battle of home buyers ended.
Lotus 300 AOA president Bhuvan Chaturvedi said interim resolution professional Ayyagri Vishwananda Sarma traveled to the city from Hyderabad to verify all the documents, including the original allotment letter, builder-buyer agreement and possession certificate for the 16 flats.
Sarma is expected to return next week to continue the process, he said. It will take several visits to complete the registration of all 102 flats in two of the six towers of the society. Sarma has been authorized to sign documents on behalf of the builder under the corporate insolvency resolution process.
In March 2010, the Noida Authority had allotted 17 acres of land in Sector 107 to Hacienda Projects Private Limited (HPPL) led by consortium member Pebbles Infosoft for the development of Lotus 300. Developers collected Rs 636 crore from home buyers of 330 flats. in six towers and given an initial completion period of 39 months. Later it was extended till July 2017.
While HPPL completed four towers and transferred partial possession to the buyers, the developer failed to complete the remaining towers or provide the promised amenities. In 2018, home buyers filed an FIR with the Economic Offenses Wing of Delhi Police against HPPCL directors for fraud, criminal breach of trust and criminal conspiracy.
Insolvency proceedings for Lotus 300 began in November 2022.
The AOA president on Friday said the court decision and the start of the registry process was a “big victory” for home buyers after 11 years of struggle. “Finally home buyers are able to secure registration for their properties,” Chaturvedi said.
Efforts are also underway to facilitate registration of flats in the remaining four towers. The Noida Authority has appointed senior manager Vaibhav Gupta as the nodal officer to oversee the preparation of Occupation Certificate (OC) and Completion Certificate (CC) for these towers, and the process is expected to take 15-20 days.
Gupta is responsible for preparing the necessary building drawings and coordinating with AOA and Sarma to arrange for certification in collaboration with a structural engineer.
