Noida Authority issues RC to Supertech over non-payment of dues

The Noida Authority has issued a recovery certificate of Rs 293 crore against real estate group Supertech over non-payment of dues, officials said.

The action has been taken in connection with pending dues of Supertech for a group housing project, Supertech Cape Town in Sector 74, a New Okhla Industrial Development Authority (NOIDA) official said.

Supertech, however, said it would appeal against the RC order.

"The RC was issued on Tuesday and includes a principal amount of Rs 253 crore and Rs 40 crore interest," the official said.

The real estate group claimed that they had stopped work on the project for two years in compliance with the guidelines of the National Green Tribunal (NGT) and was assured by the Authority and the government that the interest amount for that period would be waived.

"For the last three years, we have been appealing to the government and the Noida Authority for the promised waiver but we have only got assurances. We will appeal against this RC order now," Supertech Chairman R K Arora said.