Pay up or face action: Greater Noida authority to 21 realtors

The Greater Noida notice states that if realtors fail to turn up to apply for the waivers under the scheme and pay the dues, their allotment will be cancelled

GREATER NOIDA: Giving a last warning to 21 of the total 97 realtors to pay their dues or else be ready to face cancellaton of allotments, the Greater Noida authority has issued notices to them for not coming forward to clear their dues under stalled legacy housing project policy.

The Uttar Pradesh government had on December 21, 2023, approved a policy for stalled legacy housing projects under which a realtor was offered interest waivers for two years of Covid-19 pandemic. (HT Photo)

The Uttar Pradesh government had on December 21, 2023, approved a policy for stalled legacy housing projects under which a realtor was offered interest waivers for two years of Covid-19 pandemic, and told to pay 25% of the land cost dues in 60 days, and the remaining 75% over the next three years.

However, few realtors have come forward to avail of the scheme, said officials on Monday. The authority has to recover a revenue of around ₹8,000 crore from these realtors.

The Greater Noida authority in its notice issued last week has clearly written that if they fail to turn up to apply for the waivers under the scheme and pay the dues then their allotment will be cancelled, and assets will be attached.

“We are carrying out a site survey of each of these 21 housing project sites to ascertain the state of each project. In the survey that will be completed on Wednesday, we will figure out how much unsold land in a project, and unsold inventory is remaining in each of the 21 projects. Once the survey is completed, we will start attaching the assets in each project,” said additional chief executive officer (Greater Noida authority) Saumya Srivastava.

The authority has decided not to trouble the apartment buyers in these 21 stalled housing projects, and their apartments will remain unaffected in the attachment drive.

“We are likely to start the attachment drive after Wednesday because the state government has directed to start seizure of the assets without delay. But the drive will not touch the apartments of the homebuyers. And to make sure the apartment buyers remain unaffected the authority is carrying out the site survey,” said Srivastava.

The 21 realtors have not turned up for the meetings that were held with the authority officials in the past since December 21, 2023, when the policy for the stalled legacy housing projects was announced.

According to Dinesh Gupta, secretary of confederation of real estate developers association of India, the Greater Noida authority and the state government are taking decisions to protect the interests of the homebuyers.

“If the buyers’ interest will be protected then the realty market will win over the trust of the buyers, who are crucial for the industry. These 21 realtors should use the policy and revive their projects on time without facing this action,” he said.