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New Delhi: Realtors Body CREDAI-NCR urged the development officers on Tuesday Noida And Greater Noida To save them from going into bankruptcy and to take a “sympathetic” view on their outstanding land dues to protect the interest of homebuyers.
Over 100 real estate developers from Noida and Greater Noida held an internal meeting to discuss the issue and demanded that the authorities should come up with a one-time resolution plan to bail out the builders, the association said in a statement.
After this the real estate developers of Noida and Greater Noida have been badly affected. Supreme court The decision to recall its order dated June 10, 2020, which fixed an interest rate of 8 per cent on the dues of land leased to various builders.
Development authorities have started sending notices to builders, asking them to pay dues related to land allotments.
CREDAI-NCR said that full implementation of the Supreme Court order by the Noida and Greater Noida authorities could delay the registry of 1.5 lakh homes in these two cities and even lead to bankruptcy of realty developers.
CREDAI-NCR president Manoj Gaur said, “After studying the SC order and the response of the authorities, the developers realized that 15-23 per cent compound interest would push up the final amount substantially.”
“We are of the view that this final figure will be much higher than the current market rate. In that case, we may have to take recourse to NCLT (National Company Law Tribunal).
Since the occupancy and completion certificates are linked to clearance of dues, Gaur said buyers would not be able to register their homes.
CREDAI-NCR also demanded one time settlement (OTS) scheme was introduced in Haryana, which resolved the issue amicably.
The association said, “Since Uttar Pradesh is also a BJP-ruled state like Haryana, a sympathetic approach is the need of the hour.”
The developers drew the attention of the authorities that the delay was also due to events beyond their control.
It pointed out that there were no clear titles on the plots allotted to them.
Also, the NGT order on the Okhla Bird Sanctuary put a stay on all construction activities.
“It took a long time to settle the issue of compensation to the farmers,” the association said.
It added that access to plots and development of infrastructure like electricity, as promised by the authorities, were not completed within the stipulated time.
As a result, the developers had to defer taking possession of the land.
CREDAI-NCR said that the revision in plans by the NCR Planning Board also hampered the construction.
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