Noida Builder Goes Bankrupt: Land Worth ₹450 Crore Seized Over Unpaid Dues
New Delhi: The Noida Authority has cancelled the allotment of 14,000 square meters of land to Docile Buildtech Private Limited due to pending dues amounting to ₹130 crore. Despite multiple notices over the past six years, the company neither initiated construction on the land nor cleared its outstanding payments. The inaction led authorities to seal the property.
The trouble dates back to 2011 when Logix Developers, a subsidiary of Docile Buildtech, was allotted a massive 1 lakh square meter plot in Sector 143, Noida. A portion of this land was transferred to Docile Buildtech in 2018. However, the company only paid an initial sum of ₹3.2 crore, and the remaining amount, which accrued significant interest, spiraled to ₹130 crore.
Noida Authority CEO Lokesh M. stated that a final 15-day notice was sent on October 22, but the company failed to respond. As a result, the allotment has been officially cancelled, and the land registry terminated.
Officials further revealed that the land was originally valued at ₹32 crore, based on the allotment rate of ₹23,550 per square meter. However, its current market value has surged to ₹450 crore. Legal proceedings have also been initiated, with insolvency processes underway against both Docile Buildtech and its parent company Logix Developers at the National Company Law Tribunal (NCLT).
Authorities now plan to re-allot the land to another developer to recover the pending dues and utilize the property effectively.
News Source : “Information for this article was gathered from a variety of reliable news outlets.”
