Noida Authority Yet To Make List Of Defaulting Builders As 80,000 Buyers Wait For Homes

If the Noida Authority is hit with money crunch, real estate developers are a key reason behind that. Official data show the authority has to recover Rs 1,100 crore from about 94 real estate developers. If we include dues of Noida Extension and Greater Noida developers, too, this amount reaches to Rs 20,000 crore. These builders have yet to pay for the land on which they are building projects. Unfortunately, some of these projects are already complete and occupied. Units have been handed over to flat owners without receiving occupancy certificates for the structures.

Despite several reminders in the past, these builders have failed to pay their outstanding dues. The Noida Authority takes only 10 per cent of the land value from builders at the time of allotment. The remaining land value is paid in installments over a specified period.

Also read: Buyers Suffer As Noida Builder Fails to Get OC, Register Property

Consequently, development projects in the region are affected — while some of them have yet to see the light of the day other are struck owing to lack of funds. However, this has not been worrying enough for the Noida Authority, which has yet to make a list of the defaulting builders. In October last year, the Noida Authority chief issued an order to its officials to make a list of such developers and start serving them recovery notices. It has also given defaulting developers time till March 15 this year to clear dues and deliver 78,000 flats after Uttar Pradesh Chief Minister Yogi Adityanath promised he would ensure delivery of over 80,000 flats in Noida and Greater Noida by April this year.

Six months on, no action has been taken to follow that order. Homebuyers might have to wait while longer before they actually see their units getting completed or their competed units being registered.