Twenty realtors have submitted applications under the Project Settlement Policy (PSP) that is aimed at addressing the issues of the realty sector in Noida, Greater Noida and Yamuna Expressway areas. However, officials have sought precise details.
Some of the major realtors that have submitted applications are Unitech Group, Logix Group, Palm Olympia, Sikka Group and Supertech Group among others.
The three authorities had come up with the policy, citing a slowdown in the realty sector as builders were unable to complete their projects, affecting lakhs of homebuyers.
The policy gives realtors an exit route from projects they are unable to execute, as well as benefits homebuyers who are waiting past the deadline for delivery of their flats. Under the policy, a builder can exit a housing or commercial project in which construction on the allotted plot is yet to begin.
“I met representatives of the 20 realtors on Friday evening after they applied under the newly approved policy. But, they have not yet submitted precise details about their respective housing projects. I have directed them to make a detailed project report of each project and submit by January 15,” said Deepak Agarwal, chief executive officer (CEO) of the Noida authority.
After January 15, the authority will process applications of each realtor. As of now, the authority does not know how much undeveloped land it will get back from the realtors who are unable to build housing projects. The authority also does not have an estimate of the homebuyers who will benefit out of the PSP.
“I have directed each builder to tell the specific size of the land that they want to return, how many buyers have invested in the project and how much money they have invested, etc. Once they will submit these details we will process their applications without any delay,” said Agarwal.
Officials said that not all 20 builders want to return undeveloped land back to the authority.
Under PSP, different solutions will be provided according to the issues faced by the realtors and homebuyers.
“Some realtors want to return the land and exit from a project that has been stuck for long. While, some have come up with a co-developer who wants to finish the incomplete project. Some want to pay land dues per flat. It means if 1 or 10 buyers want to get flat registry done, then the realtor can clear land dues to the authority per flat and help buyers,” said Agarwal.
Realtors in Greater Noida and Yamuna Expressway have been called for a meeting in January 2017 to discuss the project wise cases.