Greater Noida requests UP-Rera to deregister 12 realty projects
The Greater Noida authority did not disclose the names of the builders who will be deregistered or face recovery notices.Updated: Aug 31, 2019 13:34 IST
The Greater Noida authority has urged the (UP-Rera) to deregister 12 realty projects of builders who failed to pay land dues. This apart, the authority will also issue recovery notices against seven other builders who have not paid their land dues.
The authority, however, did not disclose the names of the builders who will be deregistered or face recovery notices. Issuance of recovery is the last process to recover financial dues. In this process, the government gives a final opportunity to the party to either pay dues or have their assets auctioned.
“We have written to the UP-Rera, requesting them to deregister 12 projects. We have decided to start deregistration process because these builders have failed to pay our dues. The 12 builders did not reply to our notices issued to recover dues, and they are also not coming forward to find solutions to revive these projects,” Narendra Bhooshan, chief executive officer of the Greater Noida authority, said.
After the authority’s request, the UP-Rera will take action on the matter.
“We will deregister these 12 realty projects on the request of the Greater Noida authority. After deregistration, we give the first right to homebuyers’ association, which can take up the project and develop and deliver it to investors or buyers. If the buyers’ association is not interested, we will rope in new developer who can revive the projects,” Balvinder Kumar, member UP-Rera, said.
UP-Rera has also estimated that there are around 100 realty projects in Noida, Greater Noida and Yamuna Expressway areas, where the builders have abandoned their projects.
The Greater Noida authority has decided to recover its land dues, which are a remainder of the land cost not paid by the builders. The builders had bought land for realty projects after payment of 10% of total land cost. The remaining cost was to be paid in instalments.
“We have reviewed the realty projects and then taken the decision to request the UP-Rera,” Bhooshan said.
First Published: Aug 31, 2019 13:01 IST