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Top Real Estate Developers held defaulters of Rs. 15,585 Crores

Any developer whose outstanding EDC/SIDC dues exceed Rs 20 crore will be issued a notice.

22 , February , 2022

Some of the leading real estate developers in Haryana have defaulted on a massive payment of Rs 15,585 crore to the state government in the form of External Development Charges (EDC) and State Infrastructure Development Charges (SIDC).

The Top 10 defaulters of the list are namely IREO SU (Rs 984 crore), Countrywide Promoters Private Limited (Rs 952 crore), Unitech Limited (Rs 823 crore), Supertech (Rs 622 crore), Ambience (Rs 599 crore), TDI (Rs 484 crore), Parsvnath Developers Limited (Rs 477 crore), Vatika Limited (Rs 475 crore), Ansal API (Rs 380 crore) and Raheja Developers Limited (Rs 354 crore).

If sources are to be believed, it is revealed that these realty majors were among the 321 defaulters with 137 of them being classified as major defaulters with over Rs 20 crore pending dues against each as on December 31, 2021.

Meanwhile, it has been decided that defaulters will be dealt strictly, and this decision was taken recently at a high-level meeting under Devender Singh, Additional Chief Secretary, Town and Country Planning Department.

The minutes of the meeting stated, “Any developer whose outstanding EDC/SIDC dues exceed Rs 20 crore will be issued a notice to either clear the outstanding dues in two weeks or opt for ‘Samadhan Se Vikas’ policy for the regularisation of their default. If they fail to do this, no further approvals in their existing projects or no new further licences shall be granted to them”. 

Besides this, it was also decided that applications of such developers who have on their boards such directors who were also on the boards of defaulting developers (Rs 20 crore and above) would not be considered for grant of licences.

Top 10 defaulters:

Ireo SU (Rs. 984 cr.)

Countrywide Promoters (Rs. 952 cr.)

Unitech Limited (Rs. 823 cr.)

Supertech (Rs. 622 cr.)

Ambience (Rs. 599 cr.)

TDI (Rs. 484 cr.)

Parsvnath Developers (Rs. 477 cr.)

Vatika Limited (Rs. 475 cr.)

Ansal API (Rs. 380 cr.)

Raheja Developers (Rs. 354 cr.)

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