Noida to take stern action against defaulter realtors

A total of 3,724 registries have taken place so far, and at least 5,758 apartments’ registries could not be done due to the realtors’ financial defaults in clearing land cost dues

NOIDA: The Noida authority has decided to undertake tough action against the defaulter developers who have failed to implement the recommendations made by the Uttar Pradesh government’s policy meant for the stalled housing projects.

The authority has plans to discontinue the interest waivers to those developers, who have not complied with the terms of the Uttar Pradesh government’s policy meant for the “stalled legacy housing projects” in the city, officials said. (HT Archive)

There are hardly any developers left out of 57 who have used the provisions of this policy properly to deliver justice to thousands of homebuyers. A total of 3,724 registries have taken place so far, and at least 5,758 apartments’ registries could not be done due to the realtors’ financial defaults in clearing land cost dues.

“As most of the developers are not paying dues as per the rules of the UP government policy for stalled housing projects, the authority will take stern action as per the terms of the policy because there are some developers who paid partial dues out of the total dues and then failed to reply to notices. Some developers paid 25 per cent (%) amount and later did not pay the rest,” said Noida authority’s chief executive officer (CEO) Lokesh M.

“We will attach assets of the defaulter developers, auction the assets and also take other measures as per this policy’s provisions. Our objective is to ensure that the homebuyers get their registry done,” the CEO added.

As per the UP government policy that came on December 21, 2023, the authority offered interest waivers to stalled housing projects if the developer opted to pay 25% of total dues, and remaining 75% can be paid in three years. The policy aimed to ensure homebuyers’ registry can take place, said officials.

The authority has plans to discontinue the interest waivers to those developers, who have not complied with the terms of the Uttar Pradesh government’s policy meant for the “stalled legacy housing projects” in the city, officials said.

According to the Noida authority, there are 10 housing projects, whose promoters have not paid any land cost dues despite their consent for the same; 25 developers paid partial land cost dues, and 35 developers paid 25 per cent of their total dues but later did not pay the remaining dues as per the policy terms.

To be sure, there are a total 57 stalled housing projects in which 3,724 apartments’ registries have been executed, and if the developers pay the dues, 5,758 apartments’ registries can be executed, said officials.

“We have paid total money against our flat and thus we are unable to get the registry done of our flat due to the developer’s fault. The authority must do justice to thousands of homebuyers. They must recover their dues and pave the way for the registry,” said Arun Kumar a homebuyer.

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