Noida Authority Classifies 80-90 Group Housing Builder Projects as Defaulters
The Noida Authority has said that out of a total of 115 group housing builder projects, around 80-90 are classified as defaulters. Despite occupancy certificates being issued to 47 societies so far, builders owe the authorities approximately Rs 40,000 crore, with Rs 26,000 crore being owed to the Noida Authority and nearly Rs 14,000 crore owed to the Greater Noida Authority. Of the 115 projects, 15 are undergoing insolvency proceedings at the National Company Law Tribunal (NCLT), while seven have temporary occupancy certificates. The remaining 61 projects do not have the required occupancy certificate. The Noida Authority has uploaded a list of all 115 group housing projects on its official website, providing information for prospective homebuyers. The list shows that the city has 21 completed projects, but registries have not taken place due to pending dues. Furthermore, there are 29 incomplete projects, and the registry is not taking place in these either due to the fact that they are incomplete or have pending dues. To help recover the outstanding dues, defaulter builders have been asked to take advantage of the reschedulemeant policy scheme and come out of the defaulter category so that registries can begin in their housing projects. Under the scheme, developers can pay up to 20% of the dues upfront, with the remainder due over a two-year period. So far, around seven to eight defaulter builders have shown interest in the scheme, and the Noida Authority has recovered nearly Rs 50-60 crore through it. However, the Noida Authority has warned that it is considering taking coercive measures against developers who fail to pay their dues. These may include sealing unsold housing units, and builders' office premises, and taking over vacant land and under-construction buildings. In addition, a name and shame strategy is also in the works, which would involve the Authority uploading details of the dues owed by developers.?