The case involves a writ petition filed by M/S Arena Superstructures Pvt Ltd and M/S Purvanchal Project Pvt. Ltd. concerning the development of Sports City in Sector 78 and 79 of Noida. The Noida Authority conceived a policy to develop Sports City, and a consortium of Xanadu Estates Private Limited was allotted the land. Later, the plots were subdivided. M/S Arena Superstructures Pvt. Ltd. was allotted a plot to develop a project named Lotus Arena-I. However, the project faced issues, including non-payment of dues, alleged irregularities, and the initiation of insolvency proceedings against M/S Arena Superstructures Pvt Ltd.
In 2010-2011, NOIDA conceived a policy to develop Sports City in Sectors 78, 79, 101, and 150. A consortium led by Xanadu Estates Private Limited was allotted land on 2011-05-04, which was later subdivided into six plots. M/s Sequel Building Concept Pvt. Ltd. was allotted Plot No. SC-01/A, Sector-79. On 2012-10-19, NOIDA executed a tripartite sub-lease deed with M/s Sequel Buildcon Pvt. Ltd. and M/s Arena Superstructures Pvt. Ltd. (ASPL). ASPL was to pay Rs. 60,37,50,000 plus interest. ASPL collected approximately Rs. 387 crores from homebuyers between 2014 and 2020 after selling 785 flats out of 1080. Construction halted, and homebuyers filed criminal complaints. A CAG audit revealed irregularities causing a loss of Rs. 9000 crores to the State Exchequer. NOIDA
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Noida conceived a…
A consortium led by…
The case involves a writ petition filed by M/S Arena Superstructures Pvt Ltd and M/S Purvanchal Project Pvt. Ltd. concerning the development of Sports City in Sector 78 and 79 of Noida. The Noida Authority conceived a policy to develop Sports City, and a consortium of Xanadu Estates Private Limited was allotted the land. Later, the plots were subdivided. M/S Arena Superstructures Pvt. Ltd. was allotted a plot to develop a project named Lotus Arena-I. However, the project faced issues, including non-payment of dues, alleged irregularities, and the initiation of insolvency proceedings against M/S Arena Superstructures Pvt Ltd.
In 2010-2011, NOIDA conceived a policy to develop Sports City in Sectors 78, 79, 101, and 150. A consortium led by Xanadu Estates Private Limited was allotted land on 2011-05-04, which was later subdivided into six plots. M/s Sequel Building Concept Pvt. Ltd. was allotted Plot No. SC-01/A, Sector-79. On 2012-10-19, NOIDA executed a tripartite sub-lease deed with M/s Sequel Buildcon Pvt. Ltd. and M/s Arena Superstructures Pvt. Ltd. (ASPL). ASPL was to pay Rs. 60,37,50,000 plus interest. ASPL collected approximately Rs. 387 crores from homebuyers between 2014 and 2020 after selling 785 flats out of 1080. Construction halted, and homebuyers filed criminal complaints. A CAG audit revealed irregularities causing a loss of Rs. 9000 crores to the State Exchequer. NOIDA
…Noida conceived a…
A consortium led by…