The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has put forth a recommendation to the state government, proposing the delinking of flat registries in completed real estate projects from the outstanding dues owed by builders to the Noida and Greater Noida authorities, according to the Times of India report. This move aims to provide relief to homebuyers who have been awaiting registry of their flats for an extended period.
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The report added that the ongoing stalemate between development authorities and builders regarding approximately Rs 39,000 crore in land dues has adversely affected nearly 40,000 homebuyers in Noida and Greater Noida. In its report addressing the status of real estate projects and suggesting measures to revive them, UP-Rera advises that the authorities possess the power to recover these dues by seeking security in alternative projects or personal assets of the developers, or by issuing recovery certificates.
Rajive Kumar, the Chairman of UP-Rera, stated that the report was submitted to the state government last week. According to the report, the regulatory authority engaged a consultant in April with the task of preparing a comprehensive report outlining a potential roadmap to resolve the deadlock that has impeded registries across residential societies in Noida.
The report categorizes over 200 residential projects based on their physical and financial conditions. UP-Rera conducted a study of eight projects, revealing that six of them were deemed “viable and could be revived.” In addition to completed projects, the report addresses two types of stalled projects: those where no progress has been made over the years and others currently delayed due to liquidity issues but still considered viable. A substantial number of over 1.25 lakh homebuyers have been adversely affected by these stalled projects in the two cities.
As per the report’s recommendations, the Noida and Greater Noida authorities can opt to cancel land allotments and resell the stalled projects that have no possibility of revival. To safeguard the interests of homebuyers, the authorities could also consider auctioning the properties of defaulting builders. These measures aim to alleviate the challenges faced by homebuyers and inject vitality into the real estate sector in Noida and Greater Noida.
