The National Capital Region’s (NCR) delayed housing developments are in need of more time, more waivers, financial assistance, and other perks, according to a letter from realtors in Noida and Greater Noida to the state, federal, and local governments.
The authority stated in its report to the state government on Saturday that they had been paid ₹304.35 crore by builders and that they anticipate receiving an additional ₹904 crore in payments over the next few years. 22, projects totalling 7,763 apartments are pending registrations.
The demand from the realtors was prompted by the Uttar Pradesh government ordering officials to revoke the allocation of housing land to promoters who have not paid their debts. This was done in spite of the government’s announcement in December of last year that it would waive fees for realtors who would pay their debts.
Out of 118,655 pending registers, just 8,000 have been completed in the area thus far.
The Amitabh Kant committee report has the potential to address the problems facing the industry, therefore we have written to the Uttar Pradesh government, the ministry of housing and urban affairs, the authorities in Noida and Greater Noida, and others, demanding that they adopt it in its entirety. Kant suggested that realtor accounts where building was halted by legal disputes or COVID-19 should not be classified as non-performing assets by banks. Additionally, the report stated that banks should not force real estate companies into the bankruptcy process, give them more time to finish their unfinished projects, and waive interest for the time that court cases delayed construction on the site, according to RK Arora, president of the National Real Estate Development Corporation (NAREDCO) Uttar Pradesh chapter.
According to Arora, “there are other recommendations as well, which, if implemented, would help revive projects.”
Out of the 57 defaulter projects in Noida, 22 have agreed to the rehab package, which releases them from paying interest and penal interest during the two-year zero period for the Covid epidemic, which runs from April 2020 to March 2022.
The authority stated in its report to the state government on Saturday that they had been paid ₹304.35 crore by builders and that they anticipate receiving an additional ₹904 crore in payments over the next few years. 22, projects totalling 7,763 apartments are pending registrations.
Of the 98 defaulter projects in Greater Noida, 66 have reaped advantages and given the authority ₹429 crore. The Greater Noida administration has to conduct the 48,776 flat registry and receive an additional ₹965 crore.
Five out of the six defaulting projects in the Yamuna Motorway zone have deposited 172 crore thus far. In the upcoming years, they will give the authority an additional ₹375 crore. According to the information submitted to the state administration, 6,879 units would have their registers completed overall in this area.
The authorities informed Uttar Pradesh Chief Minister Yogi Adityanath on Saturday that 93 out of 161 projects have already benefited from the revival package. As a result, it is anticipated that over 63,000 apartments will be registered in the upcoming year.
Adityanath gave officials orders to pursue non-compliant developers with the punitive measures specified in the rehabilitation plan.
These consist of reclaiming unbuilt/empty sites, sealing vacant or unallocated apartments in the developments, and cancelling the land allotment.
The chief executive officer of the Noida authority, Lokesh M, stated, “We are investigating this issue in accordance with the law and we will follow the directions of the state government.”