Noida: Feb 22 is last date to take waiver and clear dues, realtors told

Only 20 of 57 realtors of stalled housing projects have come forward to pay dues till date, after availing of interest waivers under the new policy

The Noida authority has fixed February 22 as the last date for realtors to accept a waiver and clear their land cost dues in accordance with the terms of a realty policy, notified by the Uttar Pradesh government last December, officials in the know of the matter said on Thursday.

Under the policy, developers can avail of waivers on penal interest for two years -- the Covid 19 period -- and also for the period when construction got disrupted owing to court orders. After deducting penal interests, these 20 developers agreed to pay 25% of the total dues to become eligible for registry of apartments. (HT Archive)

“We have fixed February 22, 2024, as the last date to accept the terms of the state government policy approved to address the issues in the stalled housing projects in Noida. If defaulter realtors fail to accept the terms by that date, we will act against them as per rules. If they accept the terms, then they need only pay 25% of the total dues against a stalled housing project in the next 60 days and the remaining over a period of one to three years,” said Lokesh M, chief executive officer, Noida authority.

Only 20 of 57 realtors of stalled housing projects have come forward to pay dues till date, after availing of interest waivers under the new policy.

After 20 developers paid 25% of their total dues, the Noida authority issued permission for registry of flats in their housing projects, in accordance with the December 2023 policy.

“We will issue permission for the registry of at least 2,500 apartments in these 20 projects. After February 22, we will act against those realtors as per the rules,” said Lokesh M.

Under the policy, developers can avail of waivers on penal interest for two years -- the Covid 19 period -- and also for the period when construction got disrupted owing to court orders. After deducting penal interests, these 20 developers agreed to pay 25% of the total dues to become eligible for registry of apartments, officials said.

The realty policy clearly states that its provisions have to be implemented within three months of its notification.