Noida authority urges Uttar Pradesh government to review Gardenia Aims Developers’ debt plan
NOIDA: Noida Authority has decided to write to the state govt to reconsider its order allowing Gardenia Aims Developers to clear a portion of its dues through proceeds generated from the auction of 122 sealed flats in its Sector 46 project. The Authority said that if allowed, the move would contradict a cabinet-approved policy for stalled projects, which requires defaulting builders to deposit 25% of dues before accessing relief measures. At a meeting on June 14, the Authority board, after examining various aspects of the govt’s May 29 order, said that it conflicted with the provisions of the rehabilitation plan…