Noida builders urge CREDAI to mortgage unsold flats to recover dues

The Confederation of real estate developers association of India (CREDAI), a realtors body suggested the Noida Authority to replicate the Haryana’s policy of mortgaging the realtors’ unsold stocks in lieu of land dues. The suggestion was made in order to solve the issue of delayed possession of flats. There are 86 residential projects in which the builder still needs Occupancy certificate (OC) to be able to offer possession. There are many reasons behind the developer’s inability to complete the projects. It happens due to lack of funds without which OC is not provided which as a result creates trouble for those buyers who gave their advance money. Last week, 30 realtors and top authority officials, including Rama Raman, the authority’s CEO held a meeting, which lasted for one and a half hour to discuss these issues. “We need out of the box solutions if we really want our homebuyers to comfortably shift to their housing units and registers for the same One of the suggestion was that the Noida authority should inculcate the Haryana’s policies that allows the government to mortgage the unsold stocks of the realtor which are incomplete,” said Getamber Anand, President CREDAI, who mooted the idea to Raman. He added “If the authority mortgages the unsold stocks, it will immediately buy 30,000 home-buyers in getting registries executed. By mortgaging the unsold stock, a realtor will not have to pay the land dues to the authority.” Raman asked CREDAI to give all the suggestions in writing and directed the builders to form grievances cell immediately. “The CEO said that he will look into all the suggestions given and asked the builders to expedite work at project sites and fast track the process of building homes for home buyers,” said SC Gaur, Chief Architect and town planner of Noida Authority.