The Yamuna Expressway Industrial Development Authority (YEIDA) is now planning to bring in a one-time settlement scheme, a move that it hopes will help recover over Rs 4,450 crore in dues from 14 builders and pave the way for at least 10,000 registries.
Officials said that of the Rs 4,457 crore that YEIDA was to collect from the builders, Rs 2,753 crore was land premium, Rs 1,408 crore additional compensation for farmers and Rs 296 crore lease rent.
If the scheme is implemented, it will help the builders save around Rs 1,000 crore in penal interest. However, more importantly, it might facilitate the completion of projects, issuance of occupancy and completion certificates and execution of registries, which has been a cause for concern for thousands of homebuyers across NCR.
Arun Vir Singh, the YEIDA CEO, said that the authority was exploring different options to resolve the stalemate around pending registries and other builder-buyer issues.
Officials said the group housing projects where registries of flats were stuck were in sectors 22D, 22A and 26A. Orris Developers, Sunworld Infrastructure, ATS Realty, Supertech, SDS Infracon, Green Bay Developers and Logix were among the biggest defaulters on YEIDA’s list, they added. In some of the projects, buyers have even been handed possession of their flats, but are unable to get their registries done because of the mounting dues that the developers are yet to clear.
For long, builders’ associations such as the Confederation of Real Estate Developers’ Association (Credai) and the National Real Estate Development Council (Naredco) have been urging the authorities and the government to bring a one-time settlement scheme like the one adopted by Haryana, which is offering a rebate of up to 75% on penal interest.