Supertech gets Rs 293 crore recovery notice for Cape Town project
Noida (Uttar Pradesh) [India], Oct 23: The Noida Authority has issued a recovery certificate against Supertech Ltd, saying real estate major defaulted on the payment of Rs 253 crore in principal amount for its Cape Town project in Sector 74 of Noida. The project, which started in 2010, is complete and residents have started moving in. The total dues to the authority are Rs 293 crore, including interest amount of Rs 40 crore. Officials said the authority sent several reminders to the real estate firm but the company showed no intent of paying up. Hence, the recovery certificate has been sent to the district administration. Supertech representatives said the project was delayed due to a case before the National Green Tribunal and the company was assured by the Noida Authority that the interest amount will be reduced. However, no such relaxation came. Authorities can now recover the dues by seizing the property of Supertech. The group housing plot has 40 towers of 22 to 24 ...