YEIDA plans to raise Rs 4,450 crore from 14 builders, Real Estate News, ET Real Estate

Noida: The Yamuna Expressway Industrial Development Authority (Yes) is now planning to bring out a one-time settlement scheme, a move it hopes will help it recover over Rs 4,450 crore in dues from 14 builders and pave the way for at least 10,000 registries.

Officials said that of the Rs 4,457 crore that YIDA had to collect from the builders, Rs 2,753 crore was land premium, Rs 1,408 crore as additional compensation to farmers and Rs 296 crore in lease rent.

If the scheme is implemented, it will help builders save around Rs 1,000 crore in penal interest. However, more importantly, it can facilitate completion of projects, issuance of possession and completion certificates and execution of registries, which has been a cause of concern for thousands of home buyers across NCR.

Arun Veer SinghYEIDA CEO said that the authority was exploring various options to resolve the impasse of pending registries and other builder-buyer issues.

“As of now, we are planning a one-time payment scheme to encourage builders to clear the dues. However, before coming up with a plan, we will hold talks with the developers. We want more and more builders to come forward and pay. This will also remove the bottlenecks around the projects.

Officials said that the registry of flats in the group housing projects in Sector 22D, 22A and 26A was stuck. Auris Developers, Sunworld Infrastructure, ATS Realty, supertech, SDS InfraconGreen Bay Developers and Logix were among the biggest defaulters in Yeida’s list. In some projects, buyers have even been handed over the possession of their flats but are yet to get registered due to mounting dues, which are yet to be explained to the developers.

For a long time, builders’ associations like the Real Estate Developers Association (CREDAI) and the National Real Estate Development Council (NAREDCO) have been urging the authorities and the government to bring out a one-time settlement scheme, like the one adopted once. Haryana, which is offering a waiver of up to 75% on penal interest.

Kailash Chandra, president of Supertech Upcountry Buyers Association, said, “The developers are changing the goalposts and are not interested in clearing the dues. Even if the penal interest part is removed, I doubt many builders will get the amount. But what will happen to those projects which are in bankruptcy? The authority should instead focus on flat-wise registries so that builders get the dues in phases.