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Greater Noida CEO meets builders, discusses plan revive stuck projects

Builders have been told to submit a form to the authority where they will have to put forward their plan for reviving stalled projects

noida Updated: Aug 25, 2017 21:11 IST
Vinod Rajput
Vinod Rajput
Hindustan Times
Noida,Noida news,Noida builders
Amrapali Group, AVJ Group, Nirala Group, Rudra developers and Devika Homes among other builders took part in the meeting with Greater Noida CEO. (HT FILE PHOTO)

The Greater Noida authority chief executive officer Debasish Panda on Friday held a meeting with 76 builders and discussed ways to enable them to finish their housing projects and deliver flats to homebuyers.

Now, the authority will give each builder a prescribed form with columns so that each builder, whose project is stuck, could fill the form with details sought for by the CEO.

“We will give a form with the same format to each builder on coming Tuesday. In seven days, the builders will submit this form suggesting a plan of action. I will review the detailed plan of action,” Panda said.

Amrapali Group, AVJ Group, Nirala Group, Rudra developers and Devika Homes among other builders took part in the meeting.

The authority, through forms, has sought project details such as how many flats are sold, money collected from buyers, how the project can be revived and the roadmap to deliver a project.

“I have categorised builders as OK, bad, good and very bad category depending upon the housing project stuck midway and the sufferings of the buyers. Let the builders submit their plan of action on their stuck projects. Then we will try to help them deliver. The ones that fail to deliver will be segregated. We will act as per the law once these builders submit their plan of action,” Panda said.

The authority has also sought details that on the source of money to be used to revive a project.

“The builders, who are not serious and do not have any action plan or misused the buyers’ funds, will face legal action,” Panda said.

The condition of 82 housing projects in Greater Noida is critical said Greater Noida CEO, setting off alarm bells for thousands of homebuyers in the wake of issues affecting the real estate sector in the national capital region.

At present, around 203 housing projects are being constructed in Greater Noida and the crisis comes in the wake of insolvency proceedings initiated against Jaypee Infratech’s 27 housing projects for defaulting on a loan of approximately ₹526.11 crore.

Read I Noida to form a cell to give homebuyers crucial info on projects

The National Company Law Tribunal has also admitted an insolvency plea from Bank of Baroda against Amrapali Group’s firms, Ultra Homes Private Limited, Silicon City and Amrapali Infra, which have projects in Noida as well.

The challenge before the authorities is to ensure builders deliver flats to buyers, who have been waiting for their dream homes for the last eight years in most of the projects.

“Our motive is to help builders to deliver flats at the earliest. Any builder who fails to deliver is likely to face action,” said another official of Greater Noida authority.

First Published: Aug 25, 2017 21:11 IST