Hope for buyers as Greater Noida to also help builders arrange funds to finish projects

Defaulting builders in Greater Noida owe ₹7,200 crore in land dues to Greater Noida Authority

The Greater Noida authority on Thursday said that it will also facilitate meetings between builders and bankers with an aim to arranging funds to help them finish stuck housing projects.

The authority also released a new schedule for builder-buyer meetings, which are aimed at looking for solutions to issues dogging stuck housing projects. (Virendra Singh Gosain/HT FILE PHOTO)

The Noida authority has already arranged such meetings to help builders with funds to finish stuck projects.

“We will also facilitate meetings between builders and bankers. But we will do it project wise. We will help any builder who is struggling for funds to finish projects. We have decided to take all possible steps to ensure stuck housing projects are delivered to homebuyers,” Debasish Panda, chief executive officer of the Greater Noida authority, said.

The authority also released a new schedule for builder-buyer meetings, which are aimed at looking for solutions to issues dogging stuck housing projects.

As per the new schedule, New Way Homes Private Limited’s project in sector Techzone-IV, will be the subject of one such bank-builder meeting at 4 pm on June 30 at Greater Noida authority’s old administrative building in sector Gamma-I.

While the meeting for a stuck project being developed by JKG Construction Private Limited in Sector 16C is scheduled on July 5, the one for JNC Construction Private Limited’s project in Sector 16C will take place on July 7. Rudra Buildwell, who are also short of funds to complete a project in Sector 16, will meet bank officials on July 12.

Among the other firms that are scheduled to meet bankers are Parsvnath Developers on July 14, PSA Impex Private Limited on July 19, Today Homes Infra on July 21 and Unitech on July 26.

“We will hear the homebuyers’ problems in these meetings. We will also get to know about issues dogging each of these housing projects through these meetings. Each project has its own issues and need different solutions. Some housing projects are stuck because of financial issues, while others are yet to obtain occupancy certificates. We will handhold each builder and reach out to a solution,” said Panda.

Read I Shift only to completed flats, Noida authority tells buyers

The Greater Noida authority is to recover around ₹7,200 crore in land dues from defaulters.

Thirty six of 41 defaulting builders have applied to get their land dues payment rescheduled. The Greater Noida authority will process these applications soon.