Noida: The Supreme Court has approved the revival of Lotus Green Constructions’ Sports City project located in Sector-150, Noida, Uttar Pradesh. The construction work, which had been stalled for over three years, is now expected to accelerate, increasing the likelihood of around 20,000 homebuyers receiving their registration and possession. This important decision was delivered on November 24 by a bench comprising Justice M.M. Sundresh and Justice Satish Chandra Sharma.
Noida Authority’s proposal approved
The court has given the green light to the proposal of the Noida Authority, which included removing all restrictions imposed in the board meeting held on January 18, 2021. These included restrictions related to map approvals, revalidation, and occupancy certificates (OC). These restrictions are expected to be lifted within 30–45 days following the final approval of the board.
Developer’s Payment Plan
Lotus Green has proposed that 20% of the outstanding amount will be deposited within two months of the approval of the revised master plan, while the remaining 80% will be paid in six half-yearly installments over three years.
In the new master plan, 70% of the land will be allocated for sports facilities and 30% for residential and commercial use, which is in accordance with the original Sports City plan.
Deadline Set for Submission of Master Plan and Building Plan
As per the instructions, the revised master plan for plot SC-02 must be submitted within 30 days. The building plan must be filed within 30 days of the master plan being approved. The authority must approve the master plan within 45 days and the building plan within 20 days.