Logix Group exits from its 200-acre Noida Project

After two real estate majors–Unitech and Wave Infratech–decided to part with a portion of land allotted to them in Noida, another realtor, Logix Group, has decided to opt out of its township project in Sector 22D in YEIDA area.

Logix Group has decided to opt out, not because of paucity of funds, but because YEIDA has failed to hand over possession of a 200 acre plot for development for the past seven years due to farmer agitations.

Farmers in the YEIDA area have been agitating for a hiked compensation of 64.7% for their acquired lands.

The proposal from the real estate company is being examined. The proposal is under consideration and they are waiting to see if they can take it back under the Project Settlement Policy that is aimed at addressing the issues of the realty sector besides providing reprieve to thousands of homebuyers in Noida, Greater Noida and Yamuna Expressway areas, or whether they need to formulate a policy.

Meanwhile, 17 group housing builders of Noida and Greater Noida have applied for the rescheduled payment plan under the Project Settlement Policy in an attempt to end the impasse being faced by the homebuyers in getting possession of their homes. Noida’s builders who have applied for the amnesty scheme include R G Residency Private Limited, Sikka Infratech, Sunshine Infrawell, IITL Nimbus, Capital Infra, Express Builders, Pan Realtors, etc. Their projects are located in sectors 70, 75, 77, 78, 120, 143B and 168. Greater Noida’s realtors include SJP, Saya, New Way, Prasu etc.

The objective of this exercise is to give relief to homebuyers and help them in getting their homes at the earliest. Once the rescheduled payment plan is implemented, registries of residential flats will begin.