The Uttar Pradesh government is trying to resolve the issue of stalled projects in Noida and Greater Noida to protect the interest of thousands of homebuyers who have not got possession of their flats, the state’s minister Satish Mahana said on Thursday.
The infrastructure and industrial development minister said the state government has received various suggestions to resolve the issues and those are being examined to protect homebuyers’ interest.
Many builders, including Amrapali, Jaypee Infratech and Unitech, have defaulted in delivering their projects in Noida and Greater Noida, causing huge distress to thousands of homebuyers whose investments are stuck for about a decade now.
He said some proposals have been received such as pledging of units with the authority and others and all these possibilities are being explored and looked upon.
“We are trying to resolve the issue… Last week, we held a high level meeting. We have given directions… To protect buyers interests, we have taken steps and we are trying, so that maximum issues can be resolved,” he told reporters here.
He was replying to a question about what the state government is doing to resolve the issue of stalled and delayed housing projects in Noida and Greater Noida.
On transfer charges, Infrastructure and Industrial Development Commissioner Sanjiv Kumar Mittal said the Greater Noida Authority in its last board meeting reduced the charges by 50 per cent and the Yamuna authority too has reduced.
“We are trying to make the charge reasonable so that it cannot affect homebuyers,” Mittal said.
In case of Jaypee Infratech where over 20,000 buyers are stuck, Mumbai-based Suraksha group has recently received the approval of financial creditors and homebuyers to takeover the debt-laden realty firm.
Suraksha group has promised to complete the flats in 42 months after getting all the regulatory approvals to acquire Jaypee Infratech.
NBCC has been appointed as project management consultant for completing more than 20 projects of Amrapali.
Talking about electronics manufacturing in the state, the minister said huge investments are coming including that on Samsung’s display unit.
Electronics major Samsung has completed the construction of the display manufacturing unit that is shifted from China to Noida.
All industrial development authorities have been directed to provide land to mega and above category industries within 15 days from the date of application and through this preferential allotment system, so far three companies have been benefitted Hiranandani Group, Adani Group and Microsoft.
Additional Chief Secretary (Infrastructure and Industrial Development) Arvind Kumar said the state government has decided to give Rs 250 crore capital subsidy to Samsung.
Further, the state is providing incentives on a fast track mode to new industrial units to create growth centres in the Poorvanchal, Madhyanchal and Bundelkhand regions. And, investment applications worth Rs 1,400 crore with employment potential of 977 have been received under post-COVID-19 Accelerated Investment Promotion Policy for Backward Regions 2020.
When asked about the progress in the development of expressways, Mahan said the 340.82-km-long Purvanchal Expressway would start from next month as 95 per cent of the work has been completed.
It will connects major eastern exporting hubs like Ghazipur, Azamgarh, Amethi, Sultanpur to Lucknow.
Over 60 per cent work is complete for the 297-km-long Bundelkhand Expressway and for the proposed Ganga Expressway, more than 5,000 hectares of land for the project has been acquired and bidding process is ongoing. For this project, 63,500 farmers have been paid Rs 5,000 crore compensation.
Work on the Ganga Expressway is expected to start from September, he said adding that the target to complete the project is 36 months.
Work is also under for Bundelkhand Expressway and Gorakhpur link expressway.
