Plot No. 2/140A, Noida for IT/ITES sector

Plot No. 2/140A, Noida for IT/ITES sector www.infralive.com 27 Infra LIVE August 15, 2022 lated time in which lease deed was executed inMay 2008. 5. Fa l s e enc r oa chmen t claims In the first five years of allotment (2008-2013) by which time they were required to complete the project, MDIPL never complained to the Noida Authority and also did not pay the regular instalments of land premium/ interest. Suddenly, in 2014, MDIPL lodged a claim for zero period for not handing over possession of the plot of land on the specious grounds of encroachment of land by the villagers. InfraLive has found that the said claim is comp l e t e l y f a l s e on s eve r a l grounds. First, the landwas allotted on “as is where is basis” to the company in 2007-08. Second, the possession of the unencumbered p l ot was handed over to the then director of the company Nirmal Singh on February 13, 2008. He had also admitted and confirmed while taking the possession of the plot that there was no encroachment on the plot of land and he was satisfied with the size, area and marking of the plot. Third, the possession of plot was also confirmed in the annua l r e turns and aud i t ed financial statements of the com- pany from FY 2007-08 to 2012- 2013. Fourth, on August 11, 2014 Axis Bank had given a loan of Rs 150 crore to The Three C Shelters Pvt Ltd on the basis of the security of the unencumbered vacant physical possession of the above land (scan-A3 at pg 23). No Bank will give loan on the basis of a land which is encroached. On receipt of the loaned amount, the bank released the security on May 16, 2016, two days before MDIPL was taken over by Ghais (Urbtech group). Therefore, the argument of MDIPL for delay in construction of the project due to encroachment was fallacious. Thus, rebate of Rs 5.25 crores given toMDIPL in 2018 by the CEO on the pretext of apparent encroachment of the plot between 2013 to 2017 was irregular andnot in order. 6. False Affidavit by Sanchit Bhutani As per the lease deed, the allottee was required to obtain the approval of the development plan within a period of 18 months from the date of registration of lease deed and complete 40 per cent of the con- struction of total permissible covered area within three years and complete the construction of the project within five years, from date of handing over the possession of plot. The sanctioned plan however Suri, widely known as promoters / owners of Three C Group of companies. Later on, all three shareholders transferred their majority shares (65 pc) to their another company - Dashmesh Promoters & Developers Pvt Ltd (DPDPL) - making it the holding company of MDIPL (scan-C2 at pg 28). Dashmesh transferred its 60 per cent shareholding to Vistar Constructions Pvt Ltd (scan-C2 at pg 28). Thereafter on May 18, 2016 MDIPL was taken over by Ghai family (Urbtech) and from October 9, 2018 it is with the Bhutani Group. The entire change in shareholding has been plotted in a tabular formas table-2 at pg 29. Noida Authority has however not levied any penalty on MDIPL for the changes in the constitution of the company that took place not just once, but several times. In the lease deed there is a provision of penalty for such violations includ- ing cancelation of allotment and forfeiture of amounts paid. 4. Extensions It is also not evident from the copy of lease deed uploaded by the Bhutani Group on the website of UP RERA whether MDIPL has deposited the exempted stamp duties along with 18 per cent interest per annum for not com- pleting the project within stipu- lated period of five years, as required under the lease deed and GoUP rules/notification. Incidentally, in another case, a promoter had paid back Stamp duty of Rs 5.38 crore and the interest of Rs 4.20 crore on Sep- tember 13, 2012 for failing to complete the IT/ITES project on a plot of 25 acres plot in the stipu- Table-3A: Varying approvals of FAR for commercial area (in Sqm) Items Permissible as per Lease Deed Sanctioned Plan SEIAA Approval UP-RERA Projects regd Plot Area A 1,08,800 Permissible FAR (2.00) B=Ax2 2,17,600 2,16,112 IT/ITES (Minimum) C=Bx0.75 1,63,200 1,62,107 1,62,107 Commercial (Maximum) D=Bx0.10 21,760 21,600 54,005 1,08,800 * Residential (Maximum) E=Bx0.10 21,760 - Facility (Minimum) F=Bx0.10 10,880 32,405 2,17,600 2,16,112 2,16,112 * Table -3B: Details of projects registered with UP RERA Name of the Project Type UP-RERA -PRJ Date of Regn Area in Sqm Cyberthum Phase-A Commercial 236478 5.2.2019 22,737 Cyberthum Phase-B Commercial 240015 5.2.2019 22,835 Cyberthum Phase-E Commercial 190938 5.2.2019 1,523 Cyberthum Phase-H Commercial 674006 5.2.2019 3,089 Cyberthums Phase-II Commercial 452606 23.9.2021 54,398 Total 1,08,800