The Uttar Pradesh government has asked Noida and Greater Noida to rescind allotments to realtors
By Bricksnwall | 2024-05-08
The UP government gave realtors 60 days to either
take advantage of the rebate, pay dues, and seek approval for the registry, or
face cancellation of their allotment.
Manoj Kumar Singh, Uttar Pradesh's additional chief
secretary, has directed the authorities of Noida, Greater Noida, and the Yamuna
Expressway to begin canceling allotments made to realtors who have not opted
for a recently notified state scheme designed to revive stuck housing projects
by allowing realtors to pay their dues in installments after availing of
waivers, thereby resolving long-standing issues for homebuyers.
The state government had given realtors 60 days to
either take advantage of the discount, pay dues, acquire register
authorization, or face cancellation of their allotment. The directive to
rescind allotments came after the 60-day deadline had passed.
According to the strategy announced in December
2023, realtors must pay 25% of total project dues within 60 days and the
remaining balance in installments. This plan was intended to allow buyers to
register their dwelling units. If realtors fail to take advantage of the scheme
and pay their dues, authorities will have to cancel the allotments, attach the
realtors' properties, and take other measures to recover the dues," said
Manoj Kumar Singh, additional chief secretary, Uttar Pradesh, as well as the
industrial and infrastructure development department of Uttar Pradesh, in a
letter sent to three industrial bodies on Monday.
According to officials, state Chief Minister Yogi
Adityanath approved a "stalled legacy housing project" on December
21, 2023, giving interest and penalty waivers as part of his government's
campaign to address purchasers' misery.
The government stated that it would grant
authorization to execute property registrations if the developer in question
paid 25% of the outstanding balance, which was a significant reduction given
that the government also gave waivers on criminal interest for the period of
April 2020 to March 2023.
The program was intended to assist a significant
number of homebuyers in the Noida, Greater Noida, and Yamuna expressway
sectors, where an estimated 240,000 to 350,000 housing units are now blocked
due to a variety of causes.
The Noida government claimed it had granted registry clearance to a total of 1,400 units after 16 of 57 halted construction projects paid their financial dues.
In Noida, 42 realtors agreed to pay dues under the
plan, but only 16 paid ₹115 crore. The administration is pursuing others to
seek authorization for the registry.
In Greater Noida, 40 out of 97 realtors agreed to
pay registry fees. Only 16 realtors have paid ₹73 crore and received
authorization for 1,300 flats thus far. Only two out of nine realtors in the
Yamuna Expressway area paid ₹90 crore for clearance to register 3,600 units.
Following the letter from the additional chief
secretary, the three industry bodies are accumulating data on housing projects
for which dues have been cleared and those for which realtors have yet to clear
the dues.
We are accumulating data on stalled housing
projects and will provide it to the state government as soon as possible,"
said Arun Vir Singh, CEO of Yeida.
The authorities in Noida and Greater Noida have also assured that they will respond to the letter as quickly as possible, providing all essential information.
Source: Hindustan Times
