Delayed Noida Projects: Less Than Half of Builders Have Fulfilled 25% Dues Requirement

As per the state government order dated December 12, 2023, to solve the problems of legacy stalled real estate projects, out of total 57 builders, 20 builders have deposited Rs 170.77 crore -- 25 per cent of the total payable amount calculated after exemption, the authority said.

Of the 57 real estate developers involved in stalled legacy housing projects in Noida, 20 have so far paid 25 per cent of the dues after exemption to complete the registration process of homebuyers, the local authority said on Thursday.

After a meeting chaired by chaired by its CEO Lokesh M, the Noida Authority said it ''will get approximately Rs 450 crore in future from these 20 builders''. ''Four builders have deposited 25 per cent of the total amount of Rs 83.47 crore and partial amount of Rs 53.68 crore. Thus, the authority received a total of Rs 224.45 crore till May 9, 2024,'' it said in a statement. ''As per the state government order dated December 12, 2023, to solve the problems of legacy stalled real estate projects, out of total 57 builders, 20 builders have deposited Rs 170.77 crore -- 25 per cent of the total payable amount calculated after exemption,'' the authority said. Pending registries and delayed possession of flats are pressing issues in Noida and Greater Noida for a long time, with the UP government also pushing for resolution of homebuyers' woes in line with the recommendations of the Amitabh Kant panel on stalled projects. The authority noted that there are 18 builders who have given consent to deposit 25 per cent of the amount and some of them in sectors 76, 78, and 168 have assured that they will deposit the amount soon, according to the statement.

The authority said 1,604 registries are to be done by 20 builders who have deposited 25 per cent of the total payable amount.

Some of the builders informed the authority that about 200 registries will be done in the coming weeks in their projects under a special campaign for homebuyers and assured it of expediting other pending registries too, the statement said.

Credai was represented by its Patron Geetambar Anand, President Amit Jain, Secretary Dinesh Gupta during the meeting with the Noida Authority, which functions under the Industrial Development Ministry of the UP government.

A similar registry review meeting was held on Wednesday at the Greater Noida Authority by its CEO NG Ravi Kumar with Credai representatives and developers of 97 projects in the city.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)