UP Government May Offer An Exit Plan For Defaulting Builders Of Housing Projects In Noida & Greater Noida?

GREATER NOIDA : NOIDA, GNIDA & YEIDA jointly had proposed an exit policy towards the state government in March this season, that was returned by the government with several queries .The three development authorities of Gautam Budh Nagar met on Friday to chart out a training course to realise a whopping outstanding amount of over Rs 12,000 crore due from housing developers in Noida and Greater Noida.

Due to the huge dues and takes housing projects forward to ensure that home buyers will never be affected, greater Noida CEO Deepak Agarwal chaired the meeting that focused on problems being faced by the housing developers of Noida & Greater Noida. The meeting also discussed possible solutions, that may be implemented in a proposed exit insurance plan for defaulting allottees from the plot for group housing projects in Noida & Greater Noida so it could be uniformly implemented in all the three areas.

A written report in TOI quoted that Mr. Agarwal said the meeting was held to thrash out the pros and cons of the exit policy and also to reach a resolution. “We discussed the broad framework of the policy and can submit our views for the state government by next week,” he explained. “The goal is to keep your three authorities on the same wavelength,” he added.

Agarwal said each authority will be asked to compile a whole profile of every builder that is developing the residential project in Noida & Greater Noida. The amount of housing projects being constructed, the number of units constructed, quantity of units sold, number of units unsold, amount because of authority, unsold floor area ratio, the loan from banks, etc, “The builder’s financial assessment in terms of just how much land was allotted. Basically, we need to chart out each builder’s ground reality to ensure that we are able to formulate solutions,” he explained. When we might make adjustments when it comes to land in which you will find no third-party rights, “We are going to also explore. This could enable us to find a way forward within a certain defined boundary. We now have previously complied 50% from the information and the rest will be carried out by Monday.”

Agarwal further said that those housing projects in Noida & Greater Noida that are almost completed or completed and were not issued completion certificates because of dues of builders may also be pushed forward. “These cases is going to be taken on priority to make sure that home buyers could get their registration of property done without any more delays,” he said.

The 3 authorities had proposed an exit policy towards the state government in March this coming year, which was returned from the government with several queries. After addressing the queries, the proposal used to be again forwarded towards the government following a joint board from the three authorities cleared it in June this season. But when again, the government sought further clarifications.

Allottees will have to forfeit 15% from your amount deposited using the Authority, based on the proposed policy. For your balance 85% amount, the applicant is going to be allotted proportionate land from the originally allotted plot.Once approved, allottees should be able to surrender their land to authorities rather than clearing dues owed to authorities. The move will provide relief to 1000s of homeowners, who are unable to get possession of flats and obtain them registered. Based on officials, the proposal, referred to as a ‘relief package’, by Noida’s financial advisors Ernst & Young, will also offer an exit for allottees that have for whatever reason or any other not been able to trying out construction on the land.

Besides the revised area, allotment will be made at the current rate, if the applicant may also be thinking about extra land. Any stamp duty, lease rent, processing fee, penal interest, transfer charges, reinstatement charges as well as other statutory charges or penalty which may have been imposed on the applicant and which has not been paid till the date of the application, should never be deducted from your 85% balance amount

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