Greater Noida to expedite 50 realty projects

The move will impact around 50,000 homebuyers who have invested money in these projects.

The Greater Noida authority will expedite construction of around 50 under-construction housing projects, as the builders of these projects are likely to clear land dues of around Rs200 crore.

The authority will reschedule payment of land dues under its project settlement policy, which was approved in December 2016 to address the issues in the realty sector. (HT File Photo)

“These 50 builders submitted their applications before June 15. Now, we are busy processing the applications. After reschedulement, the builder will be out of the defaulters’ category and will be able to arrange funds to expedite work on their respective housing projects. It will benefit around 50,000 homebuyers because the builder will ensure delivery of flats without further delay,” said Arvind Mohan Singh, financial controller of the Greater Noida authority.

The authority will reschedule payment of land dues under its project settlement policy, which was approved in December 2016 to address the issues in the realty sector. The policy gives realtors an exit route from projects they are unable to execute, as well as benefit homebuyers who are waiting past the deadline for delivery of their flats. Under the policy, a builder can exit a housing or commercial project in which construction on the allotted plot is yet to be started.

The move will impact around 50,000 homebuyers who have invested money in these projects.

Builders, once taken off the defaulters’ list and given a no-dues certificate by the authority, will be able to get loans from banks to complete the construction.

“Cases pertaining to the remaining 14 builders have either been processed or submitted under the co-developer scheme. We expect to process all 50 applications by Tuesday and share the information with homebuyers,” said Singh.

Officials said that processing of some applications is almost complete and others will be processed by Monday evening.

The Greater Noida authority said that it has received applications under the co-developer scheme for nine projects, but only one of them is in order and will be processed soon. Officials said that builders have to overcome few shortcomings in the other eight proposals for processing.

“The remaining eight proposals pertaining to co-developers have technical faults and will not be approved. However, the Greater Noida authority chief executive officer Debasish Panda will take a final decision on these proposals on Monday or Tuesday,” a Greater Noida authority official said.