The Noida Authority has posted a list of all 115 group housing projects on its official website, giving prospective purchasers information. According to the list, the city has 21 finished projects, but registrations have yet to take place owing to unpaid dues.
According to the Noida Authority, around 80-90 group real estate projects out of a total of 115 are designated as defaulters. Despite the fact that occupancy certificates have been provided to 47 societies, builders owe the authorities roughly Rs 40,000 crore, with the Noida Authority owing Rs 26,000 crore and the Greater Noida Authority owing nearly Rs 14,000 crore.
The National Company Law Tribunal (NCLT) is handling bankruptcy procedures for 15 of the 115 projects, while seven have interim occupancy certificates. According to the authority’s website, the remaining 61 projects lack the needed occupancy certificate.
The Noida Authority has posted a list of all 115 group housing projects on its official website, giving prospective purchasers information. According to the list, the city has 21 finished projects, but registrations have yet to take place owing to unpaid dues.
Additionally, there are 29 unfinished projects, and the registry is not taking place in them either because they are unfinished or have overdue dues.
To assist with the recovery of overdue dues, defaulter builders have been requested to use the rescheduled policy plan and exit the defaulter category so that registrations may commence in their housing developments.
Developers can pay up to 20% of the dues in advance, with the remaining due over a two-year term under the plan. So far, the initiative has piqued the interest of seven to eight defaulter builders, and the Noida Authority has collected roughly Rs 50-60 crore via it.
The Noida Authority, on the other hand, has warned that it is mulling coercive steps against developers who fail to pay their dues. Sealing unsold housing units and builders’ office premises, as well as taking over abandoned land and under-construction structures, may be among these.
Furthermore, a “name and shame” plan is in the works, which would include the Authority publishing data on developer dues. This list will most likely be released next month, once the rescheduling policy expires on March 31.
