Noida, G Noida authorities clueless on co-developers helping Amrapali finish projects
A ministerial panel had assured homebuyers that co-developers will help the Amrapali Group finish stuck projectsnoida Updated: Sep 01, 2017 22:34 IST
The Noida and the Greater Noida authorities are not aware of co-developers, who will help the Amrapali Group finish 10 stuck housing projects.
The Amrapali Group has five stuck housing projects in Greater Noida West and another five in Noida. It needs to deliver 40,000 flats to buyers.
The authority’ reaction came a day after a three-member ministerial panel in UP assured homebuyers that co-developers will help the Amrapali Group finish sick housing projects and deliver flats to buyers in the next two years. The committee also told buyers that they need not pay remaining flat cost to the builder until the projects are ready for possession.
“Since confederation of real estate developers associations of India (CREDAI) gave their proposal regarding the co-developers directly to the three ministers’ committee, we do not know the details of the co-developers’. Once we get the direction on this matter, we will do our job,” Atal Kumar Rai, additional chief executive officer, Noida authority, said.
Officials of the Noida and the Greater Noida authorities said that the ministerial committee is expected to share details of co-developers with buyers on their next visit scheduled on September 14 or 15.
The committee constituted by chief minister Yogi Adityanath is likely to visit Noida again to assess the situation and find solutions. CREDAI, an association of private builders, proposed to the government that small companies are willing to take over Amrapali’s unfinished projects.
The Amrapali Group needs to pay ₹1,100 crore land dues to the Noida authority and ₹2,000 crore to the Greater Noida Authority.
“The problem is who will pay Amrapali’s land dues to the two authorities to become a co-developer? If the co-developers don’t pay off the land dues of the Amrapali Group, the two authorities will not be able to approve their applications. So, we are not sure how this plan will work out,” an official of Greater Noida Authority said.
The Amrapali Group is, however, hopeful that this plan will revive its stuck projects.
“We have adequate housing land and floor area ratio in our 10 projects to offer to co-developers. It means the co-developer can build more flats and earn profit by entering into an agreement with us. So, the plan will help us finish projects,” Shiv Priya, director, Amrapali Group, said.