Industrial Plot No. 2/140A, Noida was allotted for IT/ITES sector by Noida Authority in 2008. It never happened. Rather select real estate companies in cahoots with the Noida Authority converted it for commercial property development. Our investigations show this as a pattern, a method of choice: first Noida Authority allots big area plots to ineligible or little known companies who mutate their shareholding, lease rights and then finally sell it to the Bhutani group which buys them and instead of sanctioned IT/ITES Park, commercial properties are announced and they start coming up on the plot.
In this edition, we bring to you the details of how over 1 lakh sqm of land at Plot No. 2, sector 140A in Noida that was meant only for IT/ITES Park is illegally being developed as a commercial property, how it landed in the hands of the Bhutani group which pocketed a gain of Rs 790 crore through a conspired change in land use. The gain is the differential in the land price which ought to have gone to the government. It did not stop here. Sanchit Bhutani, the promoter of the group submitted a false affidavit dated November 13, 2018 with the Noida Authority, claiming that the possession of land was given on February 27, 2017. The correct date was February 13, 2008.
The plot was originally allotted to a company of Three C Group. On December 17, 2007 the Noida Authority allotted an industrial plot No. 02 at Sector-140A in Noida measuring 26.8 acres to a newly incorporated company – Max Digi Infotech Pvt Ltd (MDIPL) for the establishment of IT/ITES Park to give impetus to the Information Technology sector in Uttar Pradesh. A 90-year lease deed followed with strict terms of usage and floor area ratio (FAR). No stamp duty or registration charges were levied as per the UP government’s Investment Policy of 2004. The company paid a paltry amount of Rs 5,080 only for registration. Project completion was stipulated within five years, failing which stamp duties, registration charges with interest was payable, extension charges were also mandated. These terms were violated. What was more, payable lease amounts were rescheduled repeatedly and several favours were given. MDIPL mutated several times finally landing with the Bhutani group in October 2018.
Evasion of stamp duty seems very rampant and is overlooked by Noida Authority, our investigations reveal. In this regard, details of Celerity, Nobility, ATS group and Logix Infra cases are also reported.
