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Noida:: To resolve the impasse between the real estate companies and the development authorities of Noida And Greater Noida over legacy land dues of about Rs 39,000 crore, UP RERA Appointed a consultant who would prepare a report within a month suggesting a possible roadmap. The impasse has stalled registries in residential societies in Noida and given rise to other problems such as people living in towers with incomplete amenities.
Realtors are seeking waiver on penal interest accrued over the years on which they have been defaulting. Delegation of developers met recently from U.P. Rare Chief Rajeev Kumar and newly appointed Infrastructure and Industrial Development Commissioner (IIDC) Manoj Kumar Singh with their demands.
“It’s a UP Rare Initiative. We have hired a consultant to guide the developers on what can be done about the issue. We are expecting the report in a month. We will share it with (Noida and) Greater Noida) authority and the state government, as they will decide how to take the recommendations forward,” Rajeev Kumar told TOI.
representatives of thursday UP RERAThe two development authorities and developers will also meet to discuss the issue. Both the authorities are part of the UP RERA coordination committee and hold periodic talks with developers and homebuyers to resolve the impasse.
At the national level, Kumar said, the Union Ministry of Housing and Urban Affairs has constituted a committee under Amitabh Kant, India’s G20 sherpa and former CEO of NITI Aayog, to resolve the impasse on stalled housing projects across the country. .
Meanwhile, Noida CEO Ritu Maheshwari said that developers of 20 stalled projects in Greater Noida and 10 in Noida have applied for land dues under the rescheduling policy.
“Builders have already paid 10% of the application amount to apply under the policy. This will open the registry of flats in 30 projects. We will go ahead and take strict action against those builders who do not want to pay the dues. The authority is planning to cancel the land allotment of defaulting builders and take over their plots or under-construction towers and sell them to new promoters on a case-to-case basis,” she said.
19 builders have also applied under the flat wise registry scheme and 15 have been granted permission so far. “The permission is valid for three months and during this period the builder can deposit the amount and get the flats registered as per the amount,” said an official.
Earlier, realtor’s body National Real Estate Development Council (NAREDCO) wrote to IIDC seeking its intervention. “We have asked IIDC to adopt a developer-friendly policy of settlement of land dues. We urged them to adopt a state-level settlement policy similar to the “Vivad se Vishwas” scheme announced by the Union Finance Minister in Budget 2023 and the “Samadhan se Vikas” scheme launched by the Haryana government, offering waivers to clear land dues was done. Payable to Noida, Greater Noida and Yamuna Expressway Industrial Development Authorities,” said RK Arora, chairman of NAREDCO.
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