Noida: A news for the lakhs of flat buyers of Noida-Greater Noida. 38 group housing projects of many builders in Noida and Greater Noida are undergoing bankruptcy process, which has further increased the difficulties of already troubled flat buyers. Flat buyers allege that despite the appointment of an Insolvency Resolution Professional (IRP), work is not progressing in the projects.
The pace of projects is very slow
In the last few years, many builders started housing projects in the Noida-Greater Noida area. For the first few years, the construction work took place very fast and buyers started getting flats. But by 2020, this pace slowed down and now this process is going on at a very slow pace.
21 group housing projects in the Greater Noida area are also going on in NCLT
According to Noida Authority officials, many projects of builders related to group housing in Noida are currently going on in the National Company Law Tribunal (NCLT). In these, IRP has been appointed on the orders of NCLT, who are looking after the functioning of the respective projects. About 21 group housing projects in the Greater Noida area are also going on in NCLT, most of which are Supertech projects.
Know what are the problems of buyers
Flat buyers say that even after 2-3 years of appointment of IRP in the projects, their problems are not being resolved. Important things like registry and repairs are stuck and it is also becoming difficult to meet the IRP to resolve their problems.
Unable to take advantage of the recommendation of Amitabh Kant Committee
For the convenience of flat buyers, the government approved the recommendation of the Amitabh Kant Committee in December 2023. According to this package, the builder projects running in NCLT are getting the benefit of a zero period from 1 April 2020 to 31 March 2022. The condition for this is that the builder related to NCLT will have to withdraw the case, which is very difficult. Only those who have dues on the builder file a case in NCLT, in such a case the builder cannot directly withdraw the case. Due to this, those builders whose cases are pending in NCLT are not able to take advantage of the package of the Amitabh Kant Committee.
Buyers of Supernova will hold a meeting
The problems of flat buyers of Supertech Builder’s Supernova project, which was recently added to the list of bankruptcy process, has increased further. Flat buyers will hold a meeting to formulate a further strategy regarding this. In this meeting, decisions will be discussed to protect the interests of the buyers and to expedite the construction work of the projects. It is a very difficult time for the buyers trapped in these projects related to the bankruptcy process going on in Noida-Greater Noida. The government and the authorities should find a quick solution to this situation so that the common people can realize their dream of owning a house and their problems can be solved.