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The Yamuna Expressway Industrial Development Authority (YEIDA) announced plans to file a police complaint against all parties involved in the transaction of a 73-acre plot in Noida, accusing them of changing ownership without informing YEIDA and not paying transfer of memorandum (TM) charges. Originally part of a land for development (LFD) granted to Jaypee Infratech Ltd. by the UP government, the plot was bought by Kadam Group, with Shipra holding a majority of shares. In YEIDA records, the land remains registered under Kadam Group's name.
This issue has raised concerns regarding the enforcement of property rights and the need for transparency in land transactions. The authorities are now focusing on streamlining the process and ensuring that all legal obligations are met to prevent similar disputes in the future.
YEIDA officials estimate TM charges of Rs. 200 crore were lost over two transactions, when the land was acquired by Indiabulls from Kadam and when Indiabulls sold it to M3M's associate company. YEIDA CEO Arun Vir Singh stated that notices would be issued to the concerned parties and that Rs. 200 crore would be collected as TM fees. Additionally, YEIDA will request that the Noida Authority not sanction any layouts or permit construction on the land.
In response, Indiabulls claims that the loans granted to Shipra Group were secured by securities, including the mortgage of the fully paid Noida land owned by Kadam Developers and the pledge of Kadam shares. The mortgage was created with prior permission from YEIDA, and the lender exercised its rights to recover overdue amounts. Indiabulls maintains that the sale of Kadam Developers shares, and valuation was upheld by the Delhi High Court and will contest any coercive steps taken by the authority.
The case underscores the importance of a comprehensive legal framework to regulate land transactions and protect the interests of all parties involved. It also emphasizes the need for clear communication between stakeholders and the enforcement of property rights.
To prevent such disputes, it is crucial for the government and regulatory authorities to collaborate and develop efficient land management systems. These systems should ensure transparency, proper documentation, and compliance with legal procedures. In addition, the implementation of digital platforms for tracking and managing land transactions can help eliminate errors and streamline the process.
In the wake of this dispute, the real estate industry may face increased scrutiny as authorities work to prevent similar issues in the future. Developers and investors must remain vigilant in adhering to legal obligations and maintaining transparency in their transactions to avoid complications and potential legal action.
In conclusion, the dispute over unpaid transfer charges on the 73-acre plot has led to YEIDA filing an FIR against all parties involved. The authority is determined to recover the lost TM charges and hold those involved accountable. This case highlights the importance of transparency in property transactions and the necessity for strict adherence to legal procedures. Moving forward, the government and regulatory authorities must work together to develop a robust system that ensures transparency and compliance, ultimately benefiting all stakeholders in the real estate sector.
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