The Authority of Noida instructed the certain developers in real estate sector to clear up their pending dues & get approval for the apartment’s registry on behalf of home-buyers all over the country distressing for past many years.
The instruction from the Authority came during the gathering happened in Sector 6 office with diverse realtors. The realtors & developers promised the Noida authority that they will pay the dues on land costs & attain the mandatory permission for the registries.
The Government of Uttar Pradesh had sanctioned a policy for blocked or stalled housing projects in the state.
As per the policy, the developer & realtor was imposed to acquire the interest waivers for two years & pay 25 percent of the dues on land costs in 60 days & pay the pending 75 percent within 1-2 years.
Nevertheless, some of the developers come forward to utilize this scheme which tended to make difference in the interests of home-buyers, thus the Noida authority dwindling to acquire the revenue up to Rs. 14,000.
Speaking to this, Lokesh M, CEO of Noida Authority says, “We have directed the realtors to use the scheme and pay the dues at the earliest else the authority will take action as per the rules. So far, only 16 realtors have paid their ₹115 crore dues and obtained a registry only for around 1,400 apartments”.
“So far only 525 registries have taken place. We have directed the realtors to come forward and use the scheme. At least 42 out of 57 realtors had given consent to use the scheme. We have asked the remaining to use the scheme. We will send a report about today’s meeting to the state government that has sought a report about this”, the CEO added.
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