Realtors told to prepare fresh details of stalled housing projects

Noida and Greater Noida authorities have engaged independent agencies to calculate the land cost dues’ defaulted amount that is delaying apartment registries

The Noida and the Greater Noida authorities have directed realtors to prepare details related to their financial dues against the stalled housing projects in a bid to resolve the prevailing issues, and paving the way for registries of the apartments, said officials aware of the matter.

Highrises in Greater Noida. (HT Archive)

The two industrial bodies have engaged independent agencies to calculate the land cost dues’ defaulted amount that is delaying the apartment registries, and the possession of the units to the homebuyers in the ready housing projects in twin cities.

According to chief executive officer, Noida authority, Lokesh M, their independent agency is about to finalize the financial dues against each housing project for meeting as it has completed most of the calculation job.

“We will first discuss and cross verify with each realtor and then reach a final amount of the dues. Later, we will have another meeting …Once the realtors agree to the figure of the dues, we will get him signed to process the application paving way for the registries,” he said.

The directions came following the Uttar Pradesh government’s December 19 announcement of a new policy that aimed to cater only to the stalled housing projects, where the homebuyers are either unable to get the possession or failing to get the property title as the realtors are unable to pay the financial dues becoming eligible for the registry permission issued by the authority.

According to the Noida authority officials, their authority has asked the realtors to be ready with their latest financial dues calculations till January 5, when the officials will meet the realtors for discussions on the issue.

The Greater Noida authority officials, however, said that their authority asked the realtors to ready the final calculations till January 6 so that discussion over the issue with each realtor can happen.

There are 57 stalled housing projects, having 32,000 units in Noida, and 96 stalled projects having 75,000 units in Greater Noida, that are eligible to benefit from this policy.

As per estimates, Noida realtors owe around ₹8,000 crore, and Greater Noida realtors defaulted to pay around ₹5,500 crore dues against the stalled projects.

The figures of financial dues and the affected homebuyers exclude major housing projects such as Jaypee Group, Supertech Limited, Amrapali, Unitech, Ajnara Group and Logix Group among others, which are either facing trial in the national company law tribunal or the Supreme Court, said Officials of the Noida authority, and Greater Noida authority.

The Greater Noida authority has engaged two independent agencies so that it can calculate the dues against a housing project and cross verify with the realtor before arriving at a final figure.

“We have deployed six teams for this job because we want realtors to make use of this opportunity, get permission for the registry and the home-buyers get relief,” said chief executive officer, Greater Noida authority, Ravikumar NG.