Unitech asks GNDA to reschedule payments for 100 acre-project

NEW DELHI: Unitech, country's second largest real estate company, said on Friday it has asked the authorities in Greater Noida, where it is developing a 100 acre-project, to reschedule payments and ensure peaceful possession of land.

Reacting to media reports that company has defaulted in making payment to the tune of Rs 150 crore, a senior company official said “there is no question of default. Payment is due only when they give peaceful possession of land''.

Media reports further said that other developers may also default and Greater Noida Development Authority (GNDA) may cancel or extend the time period for the project. In the light of farmers' agitation in Greater Noida over land acquisition, he said all the developers who have projects in the city have given a representation to the Greater Noida Development Authority demanding rescheduling of the payments.

Unitech had bagged 100-acre land in Greater Noida in Uttar Pradesh, in 2006 where it had announced development of a high-end housing project. “We have not got the peaceful possession of land and construction has been suspended,'' the official said.

“The authority should sort out the issues with the farmers and give us the peaceful possession of the land,'' he added. When contacted, Greater Noida Authority Deputy Chief Executive Officer P C Gupta refused to comment on the issue. - PTI

Source: thehindubusinessline.com