Noida authority names defaulting realtors on its website
Homebuyers have been demanding that the defaulters be named on the authority’s website for five years, so that potential buyers can make an informed choice while purchasing flats.noida Updated: May 26, 2017 23:17 IST
The Noida authority on Friday uploaded the details of defaulting builders on its website for homebuyers’ use.
Homebuyers have been demanding that the defaulters be named on the authority’s website for five years, so that potential buyers can make an informed choice while purchasing flats.
There are 65 builders who have launched 91 projects in Noida, of which developers of 75 projects are defaulters. Project-wise details of land dues payable by builders to the Noida authority have been uploaded on the authority’s website.
The builders owe Rs9,993.10 crore in land dues to the Noida authority. “Rs9,993.10 crore includes the interest levied, as builders failed to pay the instalments,” said Manmohan Mishra, financial controller of the Noida authority.
Noida authority chief executive officer Amit Mohan Prasad had also said that defaulters will also be named on hoardings along major city roads if they fail to clear dues.
Since 2006, the authority employed a policy that a builder can buy a group housing plot by paying 10% of the total land cost and paying the rest in instalments.
Most of the builders have failed to clear instalments citing a dip in sales due to a slowdown in the realty sector.
The Noida authority is struggling to recover Rs25,000 crore land due from builders who were allotted group housing projects and others, who were allotted commercial, institutional and residential plots.
“We have compiled the list of 91 builders and uploaded the same on our website. We are yet to put the list of defaulters with regard to commercial, residential, industrial and institutional land in Noida,” said Mishra.
The authority’s financial department is compiling the list of other defaulters on a war footing because the authority has a big task at hand in recovering dues and improving its financial condition.
“We will upload the other defaulters’ list online as and when we are ready with the data,” said Mishra.
This is the first time that the authority has put defaulters’ list online. “In the last five years, we repeatedly demanded that defaulters be publicly named, but the authority officials did not pay heed to our demand. Now, it is too late as thousands of buyers have already invested their hard-earned money,” said SK Nagrath, president of Jaypee Aman buyers’ association.
Authority officials said that the list is based on data available as on March 31. “We have applied for project settlement policy with the Noida authority. Once it is done, our default issue will be resolved,” said Ramesh Chandra, chairman of Unitech Group.
Amrapali Group’s director, Shiv Priya, said, “We have demanded zero interest for the period when we could not carry out construction due to land disputes between the farmers and the authority. We will be off the list if the authority will give us a waiver of interest.”
Unitech Group: Rs 4,800 crore
Amrapali Group: Rs963 crore
AIIMS MAX Gardenia Developers: Rs857 crore
Granite Gate Properties: Rs276 crore
Gardenia Developers: Rs198 crore