Massive commercial land taken back by Noida Authority rom this realty player

New Delhi: Massive 1 lakh square metre of commercial land has been taken back by Noida Authority that was allotted to realty player Wave Group due to unpaid dues to the authority of Rs 2,500 crore. The land lies in sector 32 and 25A comprising two buildings and some open land. 

The company was allotted about 6.2 lakh square metre of commercial land in the year 2011. In later years, it was allotted another piece of land measuring 1.08 lakh square metre. The allotment of this additional piece of land  was cancelled on 11 February by the authority. 

"Possession of this additional 1.08 lakh square metre land has been taken over. It includes an uncovered area of 63,568 square metres and 44,853 square metres covered area,” the authority said in a statement. 

The company said it will take appropriate legal recourse against the Noida Authority over the matter.