After a “final” notice by the Noida Authority, developers of 15 stalled projects have agreed to take up UP govt’s rehabilitation package, taking the total number of realtors in the city to 35.
Officials said that consent by 35 developers to the relief package means 3,412 flats will be registered and the Authority will recover Rs 552.5 crore of dues in the next two months. In the longer term — over the next two years — the Authority will earn revenue of Rs 2,210 crore and a total of 13,639 flats will be registered, they said.
Noida Authority CEO Lokesh M said, “For the convenience of homebuyers, the Authority has taken the initiative to set up registration camps in societies in collaboration with the sub-registrar’s office. It will start from Mar 1 with a project in Sector 77 (Express Zenith). We plan to process 100 registries in a day.”
The initiative will be inaugurated by UP industrial development commissioner Manoj Kumar Singh, who had announced UP govt’s rehabilitation package in Dec 2023.
According to the package, developers who give their consent will need to pay 25% of their revised dues within 60 days. Other concessions include a ‘zero period’ to waive off specific dues and interest accrued on non-payment during the pandemic years.
Till earlier this month, 20 developers had opted for the rehabilitation package, prompting the Noida Authority to issue a notice on Feb 12 that said realtors have ten days’ time to give their consent or pay up their entire dues.
Officials said most of the 35 developers who have chosen the package have received a 21% rebate in their total dues. There are altogether 34,000 flats in these projects, out of which 32,453 have been constructed.
“After providing the benefit of a zero period of two years, the dues of four of the 35 projects have been reduced to nil. These are Hyde Park, Gulshan Dynasty, Prateek Fedora and Ecocity. For 25 others, dues range up to Rs 100 crore, which they need to clear in one year,” said an official said.
Additionally, the official said, six projects have dues ranging between Rs 100 and Rs 500 crore. “They will need to settle their dues within two years. Some of these developers are Omaxe Buildwell (Rs 457.8 crore), Sikka Infrastructure (Rs 208.5 crore), Great Value Projects (Rs 197 crore) and Sunworld Residency (Rs 169 crore),” he added.
Still, there are 22 more developers who have not opted for the relief package.
The Authority CEO said he expects more builders to give their consent in the coming days.
“Of those builders, there are 10 projects who owe huge sums. Some have gotten in touch with us, but they are yet to consent to the package. If they don’t, they will have to make full payment as per the policies of the Authority,” the CEO said.
Altogether, around 32,000 flats are affected in 57 defaulter projects that owe the Noida Authority Rs 8,000 crore.
