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Noida: The Greater Noida Authority A comprehensive survey led by a financial advisory firm has been launched to assess the construction status on plots allotted to real estate builders for group housing projects.
GNIDA officials said that plot allotments of builders who fail to start construction or deposit dues will be cancelled.
During the review meeting on Wednesday, the Chief Executive Officer of GNIDA Ritu Maheshwari Consultants, Currie & Brown were directed to undertake the survey.
He also directed the officers to include the canceled plots in the next land plan.
Apart from identifying dormant projects, the survey will also evaluate under-construction projects and explore the possibility of including them in the co-developer policy – under which another promoter can complete the project and pay the dues – Which is currently under consideration by the Development Authority.
Plots of around eight projects have been canceled in the last five years. According to GNIDA data, of the 193 group housing projects Greater Noida, has been fully paid for 63 projects, while an amount of over Rs 13,000 crore is outstanding on the remaining projects. Of these projects, developers of 97 projects alone owe the authority more than Rs 5,000 crore.
Besides them, 21 projects are pending in the National Company Law Tribunal (NCLT), while 12 projects by Amrapali and Unitech are under trial in the Supreme Court. Officials clarified that cancellation action will not be taken against projects currently under litigation or in NCLT. Similarly, towers of builder projects where residents are already living will not be affected.
Soumya Srivastava, Officer on Special Duty (OSD), GNIDA, stressed that the primary focus of the exercise is to provide relief to end-users, mainly homebuyers.
“Around 50 projects in various stages of construction will be part of this survey, which aims to assess their construction status, feasibility and dues. The consultant has been given one month to submit its report, which will include details of each project. financial inputs required for He added.
Srivastava further said that both GNIDA and the state government are actively working to resolve the builder-buyer issues.
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