The Noida authority on Wednesday said it will upload details of all defaulter builders on its website. The step is being taken to benefit homebuyers, who end up investing in debt ridden projects, officials said.
The decision came after homebuyers, troubled by delay in delivery of flats, began staging frequent protests.
The details will be uploaded on http://www.noidaauthorityonline.com/.
Homebuyers have been for long demanding that the authority upload builders’ project details online.
“Today, the group housing department provided details on realty projects to be uploaded on our website. The agency working with us is busy uploading these details first. We will also upload details of defaulter realtors once the group housing and finance department send us a list,” said Saumya Srivastava, deputy chief executive officer (DCEO) of the Noida authority.
The Noida authority has issued occupation certificates to 38 group housing projects between August 25, 2015, and March 10, 2016.
“The move comes too late. The authority should have done this much earlier so that buyers could have stayed away from builders who have debt ... Uploading the list would help new buyers,” said Sukumar Das, who was supposed to get a flat in Sector 70 in 2012 but is still waiting for it as the builder did not have funds to complete it.
Builders need to pay Rs. 7,200 crore to the Noida authority that had land for group housing on an instalment basis between 2006 and 2009.
“Around 50 realtors, who need to pay dues, have applied to my office. These 50 builders will pay 10-15% of total dues now and the remaining in instalments,” said Manmohan Mishra, financial controller (FC) of the Noida authority.
Realtors, however, feel the authority’s move is a wrong step at the wrong time.
“Realtors are facing a huge financial crisis due to the slump in the market. The authority should bring schemes that help builders in coping with the ongoing crisis. Putting the list online will only create more trouble,” said Anil Mithas, CMD of a realty firm Unnati Fortune Group.