The 16 builders represent 1,272 crore net land dues the zero-period benefit, which is around 38% of absolute land contribution of Rs.3,413 crore. The 25% exceptional sum that they need to pay is Rs.289 crore.
The registry of thousands of Greater Noida flats remains in seven months after the Uttar Pradesh government approved implementing the Amitabh Kant panel’s recommendations regarding legacy stalled real estate projects.
According to officials, this is because 16 large builders, who are responsible for approximately 38% of net land dues, have not yet made any payments to the Greater Noida Industrial Development Authority (GNIDA).
The Union Housing and Urban Affairs Ministry established the committee in March, and Kant, the former CEO of NITI Aayog, served as its chair. In light of the Covid pandemic, it provides builders with a number of waivers, one of which is a two-year zero-period benefit, resulting in a 20% waiver of all outstanding land dues.
However, the builder must pay 25% of the outstanding amount (land dues) within 60 days before the flat registry can begin. According to data from the GNIDA, the registration of approximately 85,000 flats is pending solely within its jurisdiction. Only 4,000 of these apartments have been registered.
After the zero-period benefit, the 16 builders are responsible for 1,272 crore net land dues, or about 38% of the total land dues of Rs.3,413 crore. They are obligated to pay Rs.289 crore, or 25% of the outstanding balance. According to officials, the plan has enlisted the participation of 98 builders, 52 of whom have paid 25% of their fees. After applying the Kant formula, the data indicate that the builder owes nothing on 13 projects.
Regarding this, Saumya Srivastava, OSD (Builders), Greater Noida Authority says, “A complete list of such builders with details of their properties is being prepared for further action — cancellation of plots, attachment of the builder’s properties — under the package”.
“In the next few years, 37,957 housing units will be delivered in 65 projects (13+52 projects) under the plan. We are making efforts to expedite the registry,” Srivatsava added
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