Thursday, June 20, 2024

“Realtors Urged to Compile Financial Details for Stalled Housing Projects in Noida and Greater Noida

Realtors in Noida and Greater Noida have been instructed by the local authorities to compile updated details regarding their financial obligations related to stalled housing projects. This move aims to address ongoing issues and facilitate the registration of apartments, as well as the transfer of possession to homebuyers in completed housing projects within the twin cities.

To expedite the resolution process, independent agencies have been enlisted by the authorities to assess the outstanding land cost dues, causing delays in apartment registrations and possession handovers. The Noida authority’s CEO, Lokesh M, mentioned that their agency is in the final stages of calculating the financial dues for each housing project. Once completed, discussions will be held with realtors to verify and agree upon the final amount of dues. Subsequently, the application process for registries will proceed once realtors confirm their agreement with the calculated dues.

This directive follows the Uttar Pradesh government’s announcement of a new policy on December 19, specifically targeting stalled housing projects where homebuyers face challenges in obtaining possession or property titles due to realtors’ inability to meet financial dues, thereby hindering registry permissions.

Officials from the Noida authority have set a deadline for realtors to submit their latest financial dues calculations by January 5, while their counterparts in the Greater Noida authority have set a deadline of January 6 for similar submissions. The new policy is expected to benefit 57 stalled housing projects with 32,000 units in Noida and 96 stalled projects with 75,000 units in Greater Noida.

Financial estimates indicate that Noida realtors owe approximately ₹8,000 crore, while Greater Noida realtors have defaulted on around ₹5,500 crore in dues related to stalled projects. Notably, these figures exclude major housing projects, such as Jaypee Group, Supertech Limited, Amrapali, Unitech, Ajnara Group, and Logix Group, which are currently undergoing legal proceedings in the National Company Law Tribunal or the Supreme Court, according to officials from the Noida and Greater Noida authorities.

The Greater Noida authority has deployed six teams to work with independent agencies, emphasizing the importance of realtors seizing this opportunity to obtain registry permissions and provide relief to homebuyers.

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