To resolve the deadlock between real estate companies and the development authorities of Noida and Greater Noida over legacy land dues of nearly Rs 39,000 crore, UP Rera has hired a consultant that will prepare a report in a month’s time suggesting a possible roadmap. The deadlock has halted registries across residential societies in Noida and led to other problems such as people living in towers with incomplete amenities.
Realtors have been asking for a rebate on the penal interest accrued over the years that they have been defaulting on. Delegations of developers recently met UP Rera chief Rajive Kumar and the newly appointed infrastructure and industrial development commissioner (IIDC) Manoj Kumar Singh with their demands.
“It’s a UP Rera initiative. We have hired a consultant to tell us what can be done about the developers’ issue. We are expecting the report in one month. We will share it with the (Noida and Greater Noida) authorities and the state government, as they will decide how to take the recommendations further,” Rajive Kumar told.
On Thursday, representatives of UP Rera, the two development authorities and developers will also meet to discuss the issue. The two authorities are a part of the UP Rera coordination committee and conduct periodical dialogue with developers and homebuyers to resolve the deadlock.
At the national level, Kumar said, the Union ministry of housing and urban affairs has set up a committee under India’s G20 Sherpa and former CEO of Niti Aayog Amitabh Kant to resolve the stalemate over stalled housing projects across the country.
Meanwhile, Noida CEO Ritu Maheshwari said developers of 20 stalled projects in Greater Noida and 10 in Noida have applied to clear land dues under the reschedulement policy.
“The builders have already paid 10% application amount to apply under the policy. This will open up the flat registry in 30 projects. We will go ahead and take strict action against those builders who are not willing to clear dues. The Authority is planning to cancel the land allotment of defaulting builders and take over their plots or under-construction towers and sell it to new promoters on a case-to-case basis,” she said.
As many as 19 builders have also applied under the flat-wise registry scheme and, so far, 15 have been given permission. “The permission remains valid for three months and during this period builders can deposit the amount and get the registry of flats done according to the amount,” an official said.
Earlier, the realtor’s body National Real Estate Development Council (NAREDCO) wrote to the IIDC and sought its intervention. “We have asked the IIDC to adopt a developer-friendly policy of settlement of land dues. We urged him to adopt a state-level settlement policy similar to the “Vivad Se Viswas” scheme announced by the Union finance minister in the Budget 2023 and the “Samadhan Se Vikas” scheme launched by the Haryana government offering a rebate for clearing land dues payable to Noida, Greater Noida and Yamuna Expressway Industrial Development Authorities,” NAREDCO president RK Arora said.
