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.

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 Greater Noida authority has said it decided to take this step because the builders concerned had not paid their land dues. (HT Photo)

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.

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.