Noida CEO to transfer sick realty projects to builders who can deliver flats on time | noida | Hindustan Times
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Noida CEO to transfer sick realty projects to builders who can deliver flats on time

The previous Uttar Pradesh government, in 2016-end, had come up with a project settlement policy to address multiple issues delaying realty projects.

noida Updated: Apr 28, 2017 21:56 IST
Vinod Rajput
Noida CEO

Around 200 builders in Noida and Greater Noida have failed to complete their housing projects on time, citing a dip in sales due to a slowdown in the realty sector. (Sunil Ghosh /HT Photo)

The Noida authority chief executive officer Amit Mohan Prasad on Friday said that he will cancel sick realty projects and re-allot the same to another builder for delivery of flats without delay to homebuyers.

He said that chief minister Yogi Adityanath clearly stated that homebuyers shouldn’t face humiliation at the hands of realtors.

Following a meeting of a delegation of homebuyers on Thursday with the Uttar Pradesh chief minister in Lucknow, Prasad said, “I will call a meeting with the Confederation of Real Estate Developers Association of India soon to find out solutions to revive sick realty projects. If we fail to come up with solutions in the meeting, we will have to cancel the projects and bring in new developers, to do justice to homebuyers. But, I will try to address issues first by meeting with all stakeholders, including developers.”

Homebuyers have been demanding solutions to their issues, as they are unable to get flats on time. Around 200 builders in Noida and Greater Noida have failed to complete their housing projects on time, citing a dip in sales due to a slowdown in the realty sector.

The previous Uttar Pradesh government, in 2016-end, had come up with a project settlement policy to address multiple issues delaying realty projects.

Following the announcement of the policy, developers of around 60 housing projects in Noida and Greater Noida applied to settle issues related to financial crisis and surrender the land.

However, the two authorities are yet to process any of the applications.

“We will use project settlement policy to resolve issues of stuck housing projects. But if it fails to resolve issues and a builder is unable to finish the project, we will cancel the allotment. We will bring a new developer who can deliver the project on time. Our aim is to provide relief to homebuyers whose rights are being infringed upon by builders,” Prasad said.