Noida Authority issues notice to 16 builders to pay Rs 1,934cr

Noida Authority today issued notices to 16 private builders who had defaulted in payments totalling Rs 1,934 crore.
A Noida Group Housing department official said, "Builders had paid the allotment money but defaulted in instalment payment. They have been asked to pay the dues in 15 days."
"If builders fail to pay the due amount, their lease deed and allotment would be cancelled," he said.
As per lease deed terms, Authority can cancel the allotment on payment defaults, he said.