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Noida: Representatives of the body of realtors NAREDCO-UP met monday Gautam Buddha Nagar The District Magistrate here has sought relief from the officials on recovery of pending dues from him. National Real Estate Development Council – Uttar Pradesh (NAREDCO-UP) also cited reasons such as compensation to be paid to farmers on land parcels, constraints and court issues for compounding dues.
They also demanded mediation by the district administration in their issues with Noida Authority, Greater Noida Authority and Yamuna Expressway Authority.
However, District Magistrate Manish Kumar Verma said the administration has rejected mediation and asked the realtors’ group to take up their case with the competent authorities.
“We have asked them (the builders) to clearly take up their grievances with the competent offices. The administration is only following the process of recovery of dues on RC (recovery certificate) issued by UP RERA. How will they refund the home buyers money.
The development comes in the wake of the district administration last week launching a “naming and shaming” campaign against 101 real estate developers who have Rs 503 crore in UP RERA dues. The administration is planning more stringent action against them.
Earlier on Monday, NAREDCO-UP chairman RK Arora made submissions before the DM on the adverse impact of the “alleged coercive recovery action” of developers issuing RCs against land dues payable to the Noida, Greater Noida and Yamuna Expressway authorities. Highlighted. Rare.
The realtors’ body cited land disputes, NGT’s ban on construction, farmers’ compensation issues, liquidity crisis, corporate insolvency resolution process, “demand for huge time extension charges by local authorities” as the reasons that kept them in the last 10 years. Has affected, cited delay. Delivery of 2.50 lakh units to home buyers.
“Under the circumstances, any action by the district administration to initiate extortion of land dues would greatly affect the interests of home-buyers, banks and financial institutions as well as developers who have invested huge sums in construction in terms of CIRP.
NAREDCO-UP submitted before the DM, “This would lead to endless litigation in which the interests of all the stakeholders would be badly affected and the investments made would go waste.”
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