Gaursons Group to mortgage mall to clear ₹315 crore dues for registry of over 2,000 flats
NOIDA: Greater Noida Industrial Development Authority (GNIDA) has granted in-principle approval to a proposal from Gaursons Group to mortgage a portion of its Gaur City Mall in Greater Noida West as security against additional farmer compensation dues. This move will allow for the execution of nearly 2,100 long-pending sub-lease deeds in three of the developer's housing projects, brin bringing relief for residents who have possession of their flats but have been unable to secure legal ownership.
Without sub-lease deeds, residents remain in legal limbo despite having paid for and taken possession of their flats in these three projects.
In the case of Gaursons Promoters' plot in Sector 16C, in Gaur City 2, out of 11,354 sanctioned units whose completion was obtained, sub-leases were executed
for only 9,655 units, leaving 1,699 pending. In the Gaursons Realty project in Tech Zone-IV, Gaur Saundaryam, 2,068 units were sanctioned and completed, with 1,881 sub-leases executed and 187 still pending. For Gaursons Hi-Tech Infrastructure's project in Sector 4, Gaur City 1, 11,742 units were san ..
were sanctioned, of which 7,412 are complete and 7,209 have been registered, while 203 sub-leases remain pending.
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