Tag: Xanadu Estate

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Noida Sports City Dues Exceed ₹11,000 Crore; 30% Recovered

NOIDA: Over 15 years after the initiation of the Sports City projects, residential towers have emerged across sectors 78, 79, 150, and 152. However, the promised stadiums, tracks, and sports fields remain largely unrealized. The primary issue is a massive financial discrepancy—the developers owe Noida Authority a staggering Rs 11,642 crore, yet only Rs 319 crore has been recovered to date, despite numerous court orders and high-profile investigations. The Sports City initiative was launched during the Commonwealth Games in 2010, aiming to create integrated townships that combined world-class sports facilities with residential and commercial areas. Developers were given large portions…

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SC Hearing Next Week: Sports City Builders Begin Repayment

NOIDA: In response to notices from the Noida Authority, several builders engaged in the Noida Sports City projects have begun settling their outstanding dues. A notable action includes a consortium partner of the Sector 150 Sports City project, led by Lotus Green Constructions, which has made a payment of Rs 80 crore. Officials indicated that other consortium partners in this project have also shown readiness to make payments and are expected to do so shortly. Back in March, the Authority issued notices mandating developers to clear longstanding dues within one month, as per a high court directive from February. Outstanding…