Noida Government raise an alert for Realtors to clear cost dues by February 22

The Authority of Noida has announced that if the real estate developers opt the terms of the relief package, they have to pay 25 percent of the total dues in the next 60 days.

As notified by the officials of Uttar Pradesh government last December, the Noida authority has fixed the last date as February 22 for real estate agencies to accept a waiver & clear their cost dues of land according to the terms and regulations of a realty policy.

The official said that however more developers are coming forward from greater Noida to clear cost dues, because their cost dues are under Rs.100 crore.

On this regard, Lokesh M, Chief Executive Officer, Noida authority said, “We have fixed February 22, 2024, as the last date to accept the terms of the state government’s compulsory policy approved to address the issues in the stalled housing projects in Noida. If defaulter realtors fail to accept the terms by that date, we will act against them as per rules. If they accept the terms, then they need only pay 25 percent of the total dues against a stalled housing project in the next 60 days and the remaining over a period of one to three years”.

Further Lokesh added, “We will issue permission for the registry of at least 2,500 apartments in these 20 projects. After February 22, we will act against those realtors as per the rules”.