The Noida Authority has decided to develop a scheme to address the challenges posed by delayed real estate projects, officials said. They added that the decision follows the recognition that the recommendations made by a central government committee, led by former Neeti Ayog CEO Amitabh Kant, are not viable solutions to the prevalent issues encountered within the real estate domain of Noida and Greater Noida.
Within the span of a month, the Noida authority intends to draft this scheme and subsequently submit it to the Uttar Pradesh government for requisite approval.
The central committee mandated to formulate an effective policy that can address the issues being faced by the real estate sector across the country, in its report has recommended to the Uttar Pradesh government that the three authorities -- Noida, Greater Noida and the Yamuna Expressway-- should allow registry of flats without asking the defaulter developers to clear land cost dues against a housing project.
The committee made multiple recommendations to the Uttar Pradesh government that it will look nto and take appropriate decisions, which will impact the fortunes of at least 167,000 homebuyers who have been waiting for their homes for almost a decade.
The committee’s propositions advocate transferring the responsibility of granting occupancy certificates for completed housing projects to the UP Real Estate Regulatory Authority. Additionally, it suggests disassociating property registry from financial obligations tied to a project.
Regrettably, these proposals and other counsel contained within the report run counter to the authority’s interests. This is because they stand to affect their financial standing and curtail their regulatory powers. Consequently, in response to these impracticable notions, the authority has opted to compile its own report, one that not only resolves realty sector challenges but also safeguards its financial well-being.”
In a collaborative effort, the Noida, Greater Noida, and Yamuna authorities are poised to collectively devise a practical scheme to address the concerns of the real estate sector. The joint team will determine if the authorities will allow the registry of the flats without demanding financial dues, and then what impact it will have on the financial strength of the three industrial bodies. The committee will make an assessment of each recommendation and then formulate a new one that will be practical on case-to-case basis, said officials.
