2024-09-17 13:39:23
New Delhi: Noida and Greater Noida authorities have decided to initiate police action and seize the properties of builders who have not availed the amnesty scheme to clear their dues to the authorities. Following the recommendations of the Amitabh Kant Committee, development authorities in the National Capital Region had given developers time till August 31 to clear 25% of their outstanding dues and pay for additional farmer compensation with some benefits. Recently, the Noida Authority sealed the unsold land of Omex Group as the company owed ₹457 crore. As part of the amnesty scheme, 22 developers in Noida have agreed to pay 25% of the total dues, i.e. ₹275 crore, to the authority. This has cleared the way for registration of flats for about 2,500 flat home buyers. An official of the Greater Noida Authority, on condition of anonymity, said that the Greater Noida Authority has issued a warning to the builders to complete the registration process. Moreover, land allotted to builders who do not deposit 25% of the dues as per Amitabh Kant Committee report will be cancelled and their cases will be sent to the Economic Offences Wing.
2,000 housing projects are stalled across the country, the future of more than 5 lakh flats is in limbo
who paid the dues
Out of 98 projects in Greater Noida, 13 builders have cleared their dues while 58 builders have deposited 25% of the dues. Property developers owe nearly ₹40,000 crore to Noida, Greater Noida and Yamuna Expressway authorities. This includes premium, interest and penalty for allotted plots. These projects are currently in various stages of execution. As per the proposal, builders availing the policy will not be allowed to charge any additional interest from buyers to ensure that the financial benefit provided by the government is passed on to home buyers.
An independent chartered accountant or a third party will recalculate the builder’s dues. Additionally, no fee will be charged to the builder for giving a three-year extension. Once the developers agree to the relief package, they will have to deposit 25% of the dues and the authority will allow the property to be mortgaged so that the builder can raise the funds required to complete the project. The authority has said that the relief package will not apply to projects that are part of the Sports City scheme. Also, commercial, institutional and industrial projects have been kept out of it.