Noida Authority cancels allotment of 17 commercial plots

The Noida authority has cancelled allotment of 17 commercial plots which were done through a competitive bidding system in October, 2013.
The authority said on Friday that it had to cancel the allotment after the applicants failed to deposit 25 percent of the property cost within the stipulated period one month from the date of allotment.

The failure of this commercial plot scheme, which was promoted as the most successful one by the officials then, is being seen as a major setback to the authority. It has about 77 more commercial plots to allot.
The authority had allotted a total of 31 plots, out of 94 available under the scheme in October, 2013 as the rest of the plot found no takers. Of these, 17 allottees have failed to pay the money in time. So, only 14 plots stay allotted so far.